Orum lands $56m in Series B funding round
New York-based fintech Orum has raised $56 million in a Series B funding round co-led by Accel and Canapi Ventures.
Orum provides financial infrastructure products designed to speed up interbank transfers.
Its platform uses AI and machine learning in an attempt to make money movement between banks “seamless” for customers.
The firm currently provides solutions to a range of enterprise partners including First Horizon Bank, One and Alloy.
Founder and CEO Stephany Kirkpatrick says: “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.”
Previous investors including Bain Capital Ventures, Inspired Capital and Homebrew also participated in the round.
The firm claims it has now raised over $82 million in total capital. It will use the new funds to continue its growth and further its technology development.
Inspired by the Cap Table Coalition, Orum will also allocate over 10% of this round to underrepresented company founders.