Orum, which aims to speed up the period of time it takes to switch cash between banks, introduced right now it has raised $56 million in a Sequence B spherical funding. The financing comes barely three months after Orum introduced a $21 Sequence A and brings its whole raised to over $82 million.
- Frictionless infrastructure: Orum, the platform for frictionless financial infrastructure, has raised a $56M Series B co-led by Accel and Canapi Ventures. Previous investors Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, Primary, Clocktower, and BoxGroup also participated in the round. This brings Orum’s total funds raised to over $82M.
- Empowering enterprise: Orum builds industry-defining, embeddable financial infrastructure products that enable 24/7/365 money movement. Through bleeding-edge machine learning and technology, Orum is empowering enterprises to move money seamlessly and with less risk—resulting in better experiences for the end consumer.
- Game- changing technology: “Orum’s innovative approach to money movement tackles the root of the financial infrastructure challenge,” says Sameer Gandhi, Partner at Accel and Board Member at Orum. “In just 18 months, they’ve built a game-changing technology and an exceptional team. We are thrilled to be part of Orum’s journey.”
- Foresights: Orum serves a range of enterprise partners—including First Horizon Bank, One, Alloy, HM Bradley, and Zero Financial, recently acquired by Avant—with a suite of machine learning-backed APIs: Foresight uses exclusive intelligence for predictive funds availability, and Momentum intelligently routes funds across payment rails to optimize for speed, cost, and risk, powered by banking providers that include JPMorgan Chase and Silicon Valley Bank.
- Certified Planner: “As a certified financial planner, I saw firsthand the deep cracks in our financial infrastructure. While most Americans are not familiar with the intricacies of ACH or why it takes multiple business days to move money between accounts, Orum is wholly focused on unlocking a better system” says Stephany Kirkpatrick, Founder, and CEO of Orum. “We’re investing in a best-in-class team to use data, AI, and machine learning to move money smartly across all payment rails, and in doing so, to provide universal financial access.”