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With as much innovation as there has been in financial services over the past decade, the reality is that there are core infrastructure components that limit what can be done. One important example is something that all of us have experienced －waiting for money to transfer between accounts. While a solution to this problem would seem to be simple, it’s actually quite complex to solve in a modern way. That’s what led us to lead the $5.2 million seed financing for Orum, along with our friends at Inspired Capital, Acrew Capital, Bain Capital Ventures, Clocktower Ventures and BoxGroup.
WHO: Stephany Kirkpatrick, Ryan Cooke and Christine Hurtubise, co-founders of Orum, bring needed skills in management, sales, product management, engineering and data science to Ourm. Stephany led key business units for LearnVest and then all digital products for Northwestern Mutual. Ryan and Christine are savvy technologists with extensive experience in fintech from companies including N26, Stash and OnDeck. Together, the team has experienced the problem that Orum is addressing firsthand and understands what it will take to solve it for the entire financial industry.
WHAT: Orum uses rich data and machine learning to predict when funds are available and if there is any fraudulent activity. The company’s first product, Foresight, makes it possible for any financial institution to access these data-driven insights via a simple API. By doing so, those institutions can move money immediately without taking any financial risk. Orum helps make it possible for the end customers of these institutions to access funds when they are moved rather than wait days for an antiquated financial system to authorize their transactions.
HOW: Orum’s product combines a sophisticated machine learning platform with an accessible API. The data platform leverages the customer’s internal data and third-party data that Orum accesses itself. That makes it possible for Orum to evaluate every individual financial transaction and to provide its customers with a highly accurate assessment of whether a transaction should be authorized immediately, delayed, or rejected outright. The real-time API allows customers to incorporate this assessment into their normal transaction flow. In total, Orum helps money move immediately.
WHY: Frictionless money movement makes it possible for the entire economy to operate more efficiently. Workers and businesses can all get paid more quickly. Moving money between accounts happens instantly. Sending money to friends and family is completed without delay. Legacy financial industry infrastructure wasn’t designed for the demands of a real-time world. But Orum is helping it meet the needs of a modern economy,
If making money move fast is of interest to you, join the Orum team. You’ll get to be part of a company that will be the infrastructure for all money movement, changing how the world thinks about using money.