Orum, the Platform for Frictionless Financial Infrastructure, Raises $56M in Series B Funding from Accel and Canapi Ventures to Transform How Money Moves
- Accel Partner Sameer Gandhi joins the Board, and Orum welcomes former Facebook exec as SVP of Data
- Over 10% of the round was allocated to underrepresented investors, in line with Orum's pledge to the Cap Table Coalition
NEW YORK, June 29, 2021 /PRNewswire/ -- 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.
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.
"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."
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.
"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 game-changing technology and an exceptional team. We are thrilled to be part of Orum's journey."
"At Canapi, we work with a broad network of banks and deeply understand their most pressing challenges. Money movement tops that list, and Orum marks a fundamental shift in how the financial services industry will move money. We are excited to fuel Orum's growth, connect them to our network of banks, and work together to innovate on a decades-old system," adds Jeffrey Reitman, Partner at Canapi Ventures.
As Orum scales, the company continues to invest in tech infrastructure. Orum's most recent leadership addition is former Facebook executive, Gaurav Tandon, as SVP of Data, Machine Learning and Data Science. Tandon holds a Ph.D. in Computer Science.
"Data science and machine learning have the potential to rewrite the rules of our financial infrastructure," explains Tandon. "Orum's data-first approach stuck out to me, and I am proud to lead the company's efforts to build robust, scalable data and ML infrastructure that enables end-to-end automated workflows. It's an exciting opportunity to work on ground-breaking technology, alongside a diverse team that is deeply passionate about our mission."
The company is guided by a commitment to diversity across all layers of the organization. Orum strives for equal representation within its workforce, with a team that is 48% female and 48% non-white. In addition, Orum was inspired by the Cap Table Coalition - a partnership between high-growth startups and emerging investors who want to work to close the racial wealth gap - to allocate over 10% of this round to underrepresented founders. This round includes investors like the Neythri Features Fund, a group of South Asian women investing in the next generation of female founders and diverse teams.
About Orum
Orum is a platform for frictionless money movement. By leveraging its exclusive intelligence for predictive funds availability, Orum is building an infrastructure layer to maximize the financial potential of every American household. The Orum team is helmed by expert fintech operators from LearnVest, N26, Square, Bread and Stash and has raised over $82M from leading investors, including Accel, Canapi, Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, BoxGroup, Clocktower Ventures, Primary Ventures, SVB Capital, and American Express Ventures. To learn more, visit Orum.io.
SOURCE Orum
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