CertifID – a leading wire fraud protection company – recently announced $20 million in a new round of funding. And CertifID’s Series B funding round was led by Arthur Ventures, which also invested in CertifID’s $12.5 million Series A in May 2022.
CertifID’s Series B funding round comes on the heels of strong adoption of its wire fraud protection software, insurance, and recovery services. Over the past year, CertifID has launched its most successful new product yet, PayoffProtect; doubled its customer base; and forged significant new enterprise partnerships such as with global fin-tech leader Acrisure.
With the cyclical nature of the housing market, fraud against real estate transactions has grown exponentially. And the FBI reported that the real estate sector experienced a 72% surge in business email compromise (one of the most common tactics used in wire fraud) from 2020 to 2022. The industry depends heavily on manual processes to verify banking and identity details, yet is processing trillions of dollars in payments annually, thus providing a lucrative opportunity for fraud over the past several years.
This funding round follows several honors for CertifID, including being recognized as the 23rd fastest-growing private software company in the U.S. in 2023 by Inc. 5000, HousingWire’s Tech 100, Built In’s Best Places to Work 2023, and Inc.’s Best Places to Work 2023.
KEY QUOTES:
“CertifID’s mission is to be the frontline defense for consumers and businesses against the growing wave of wire fraud plaguing the real estate industry. Since our founding, we have protected billions of dollars from attempted fraud attacks, as well as helped recover over $60M in stolen funds for victims. This investment will help us continue to safeguard against the intensifying risks of fraud.”
– Tyler Adams, CEO at CertifID
“CertifID is addressing a growing problem in an industry looking for modern solutions. Despite the challenges posed by a decelerating housing market, CertifID stands out as a technology leader with a mission of utmost importance to the U.S. economy. We are excited to continue our partnership with CertifID and are eager to see them continue their impressive growth.”
– Patrick Meenan, General Partner at Arthur Ventures
“Wire fraud is the greatest threat to real estate transactions today. Our team remains committed to providing the products and services required to protect closing funds for consumers and businesses.”
– Thomas W. Cronkright II, Executive Chairman at CertifID
