Orum is a new FinTech platform that has the aim of improving the real-time moving of money and has reportedly raised its first institutional investment to support its development.
The oversubscribed seed round closed on $5.2m and was led by Homebrew, according to a report from Crunchbase News. Other contributors include Inspired Capital, Acrew, Bain Capital Ventures, Clocktower and BoxGroup.
A number of angel investors also participated.
With the capital injection, Orum is looking to expand its team, support the launch of its Foresight tool and increase its use cases. Orum is currently working with 50 customers and has more on a waiting list, it said.
Orum’s flagship product is Foresight, an automated programming interface that will empower financial institutions to move money in real-time. Powered by machine learning and data science, the solution can predict when funds are available and whether there is any indication of fraud.
The FinTech was able to open and close the funding round entirely during the pandemic, the article states.
Orum founder and CEO Stephany Kirkpatrick told Crunchbase News, “Foresight unlocks money immediately and eliminates the risk. We’ve become an instant economy everywhere else but in the banking industry, where you can’t invest your money immediately. It’s a vicious cycle for access to your money.”
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