Orum, a platform for frictionless money, has raised $5.2 million in seed funding. The investors were Inspired Capital, Homebrew, Acrew, Bain Capital Ventures, Clocktower and Box Group.
NEW YORK (August 4, 2020) — Orum, the platform for frictionless money, today announces the launch of Foresight, its debut product aimed at enabling financial institutions to move money in real-time. Foresight’s API solution directly targets the outdated ACH rails by adding the first of its kind pre-authorization to over 14B ACH debit transactions that occur annually. By using exclusive intelligence for predictive funds availability, Orum unlocks immediate money movement without the risk.
“At Orum, we are creating a paradigm shift for the way money moves. We are leaving behind siloed accounts and manual transactions and building toward fully automated and point-to-point money movement. Technology has created an on-demand economy, but our money has yet to catch up. Consider that the last innovation in money-movement was the ATM,” says Orum founder and CEO Stephany Kirkpatrick. “I’ve spent the past decade building technology to optimize financial outcomes for Americans—first at LearnVest and now at Orum. The ability to move money instantly is a critical step in automating our wallets, and we are thrilled that Orum is powering the next generation of financial technology, unlocking limitless potential in the financial ecosystem for consumers.”
The idea for Orum was sparked in October 2019, when Stephany Kirkpatrick and LearnVest founder Alexa von Tobel were discussing ways to improve the financial system for Americans. That month, von Tobel’s early stage venture firm, Inspired Capital—which she co-founded with former U.S. Secretary of Commerce Penny Pritzker—put the first capital into Orum as an “Inspiration Check.”
“From our decade working side-by-side at LearnVest, I know there is no better person in America to tackle this problem than Stephany. As a CERTIFIED FINANCIAL PLANNER™ with two financial planning patents in her name, she cares deeply about making money management seamless,” says Alexa von Tobel, Chairman of Orum and Managing Partner of Inspired Capital. “Orum is getting to the root of the problem by building the infrastructure layer of money movement from the ground up, which in turn will make our vision of smart and instant wallets a reality.
In addition to CEO, Stephany Kirkpatrick, the founding team includes CTO Ryan Cooke, who led technology and US expansion for consumer neobank N26, and VP of Data Science Christine Hurtubise, who previously led the function at fintech platform Stash.
With a best-in-class team and industry-changing vision, Orum’s oversubscribed seed round was led by Homebrew and a slate of top investors, including Acrew, Bain, Clocktower, and Box Group. The round also includes angel investments from top industry operators from Plaid, Venmo, Stripe, and more.
“Today’s tools for immediate money movement leave enterprises decades behind what customers demand. Orum is tackling this challenge head on,” says Satya Patel, Partner at Homebrew. “We’re excited about Orum’s vision. The early demand they’ve seen—both from cutting-edge fintechs and incumbent financial institutions—speaks for itself. It’s clear the market understands the value of moving money in a new, more efficient way.”
Orum’s debut product, Foresight, enables its customers to meet a range of objectives—from instant account funding to innovative new overdraft products and creative pre-delinquency tools for customers.
Orum is a platform for frictionless money movement. By leveraging its exclusive intelligence for predictive funds availability, Orum is building an infrastructure layer to maximize the financial potential of every American household. The Orum team is helmed by expert fintech operators from LearnVest, N26 and Stash and is backed by leading investors, including Inspired Capital, Homebrew, and Acrew.
To learn more, visit Orum.io.