Orum said to raise $21m in its Series A funding round

Orum, which has built real-time money transfer infrastructure, has reportedly collected $21m in its Series A round.

The round was led by Bain Capital, with commitments also coming from Inspired Capital, Homebrew, Acrew, Primary, Clocktower, Box Group, Amex Ventures and SVB Capital, according to a report from Forbes.

Stephany Kirkpatrick founded the company in 2019 after spending seven years at financial planning FinTech company LearnVest. Whilst at LearnVest, Kirkpatrick noticed people were reluctant to put money into high-yield savings because they were worried about how quickly they could access the money if they needed it in an emergency. He told Forbes, “I became obsessed with that problem.”

Orum was created to solve this issue. The FinTech enables real-time money management by leveraging its data network and machine learning tools to lower risk and cost. It can also use automation to optimise each transaction for cost, speed and risk.

Kirkpatrick told Forbes that the its Foresight platform uses data from partnerships with financial institutions to assess the risk of a transaction. This can be a lot quicker than current methods used by automated clearing house networks, which can take up to five days to review risks.

Orum got its first customer in September 2020 and is helping to process tens of millions of dollars in transactions each month, the report said. Clients pay prices between $5,000 and $25,000 a month for the service.

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