202109 Apr
Orum Raises $21 Million To Speed Up Bank Payments From Five Days To One
Type
Funding Rounds
Funding
202109 Apr
$21MSeries A
Source
Forbes
Summary

Stephany Kirkpatrick founded Orum in 2019 after working for seven years at LearnVest, the financial planning fintech company started by Alexa von Tobel and acquired by Northwestern Mutual in 2015 for $375 million. To bridge this information gap, Orum’s “Foresight” product pulls in extra data through partnerships with financial institutions and uses machine learning to assess the risk of a transaction. Orum’s second product, “Momentum,” is like a control center that directs which payment rails a transaction should travel on given the financial institution’s preferences for speed and cost. Matt Harris, an Orum investor and partner at Bain Capital, says the “most aggressive” implementation of a digital dollar would be where every American has a bank account at the Federal Reserve and could move his money instantly. “They’ve said they are not here to destroy the banking industry.” He thinks digital dollar accounts would be limited to a few purposes, like disbursement of government funds for stimulus payments.

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