- Orum, a platform for frictionless financial infrastructure, announced it raised $56 million in Series B. These are the details.
Orum — a platform for frictionless financial infrastructure — announced it has raised $56 million in Series B funding co-led by Accel and Canapi Ventures. And previous investors Bain Capital Ventures, Inspired Capital, Homebrew, Acrew, Primary, Clocktower, and BoxGroup also participated in the funding round. This funding round brings Orum’s total funds raised to over $82 million.
Orum serves a wide 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 for optimizing for speed, cost, and risk, powered by banking providers that include JPMorgan Chase and Silicon Valley Bank.
As Orum is scaling, the company continues to invest in tech infrastructure. And Orum’s most recent leadership addition is former Facebook executive Gaurav Tandon as SVP of Data, Machine Learning, and Data Science.
Orum is guided by a commitment to diversity across all layers of the organization. And Orum strives for equal representation within its workforce with a team that is 48% female and 48% non-white.
Orum was inspired by the Cap Table Coalition – which is 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 funding 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.
KEY QUOTES:
“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. 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.”
— Stephany Kirkpatrick, Founder and CEO of Orum
“Orum’s innovative approach to money movement tackles the root of the financial infrastructure challenge. In just 18 months, they’ve built game-changing technology and an exceptional team. We are thrilled to be part of Orum’s journey.”
— Sameer Gandhi, Partner at Accel and Board Member at Orum
“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.”
— Jeffrey Reitman, Partner at Canapi Ventures
“Data science and machine learning have the potential to rewrite the rules of our financial infrastructure. 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.”
— Gaurav Tandon
