Orum gets 56 mln to boost interbank transfers

Friday 2 July 2021 09:06 CET | News

Orum, which aims to speed up the amount of time it takes to transfer money between banks, has raised USD 56 million in a Series B round of funding.

The financing comes three months after Orum announced a USD 21 million Series A, and brings its total raised to over USD 82 million. Accel and Canapi Ventures co-led the round, which also included participation from existing backers Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, Primary, Clocktower and Box Group, according to TechCrunch.

The company was launched in 2019, and its first embeddable product, Foresight, launched in September of 2020. It is an automated programming interface designed to give financial institutions a way to move money in real time. The platform uses machine learning and data science to predict when funds are available and to identify any potential risks.

The solution intelligently routes funds across payments rails and is powered by banking providers JPMorgan Chase and Silicon Valley Bank. Orum says it serves a range of enterprise partners, including Alloy, HM Bradley, First Horizon Bank and Zero Financial (which was recently acquired by Avant).

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Keywords: funding, banking, artificial intelligence, real-time payments
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech