Financial safety start-up Carefull secures $16.5m in Series A funding
US-based financial safety start-up Carefull, which helps banks and wealth advisors protect senior customers from financial fraud, has secured $16.5 million in a Series A funding round.
Carefull secures $16.5m Series A funding
The round was led by Fin Capital with participation from Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures and Alloy Labs.
Founded in 2019 and based in New York, Carefull leverages artificial intelligence (AI) to defend the money, credit, identity, passwords and documents of senior citizens. With its solution, banks and other financial institutions can scan customer accounts “for more than 50 financial and behaviour issues unique to aging”.
Carefull claims its platform can detect unusual activity, suspicious behaviour, financial exploitation by a loved one or signs of cognitive decline. The platform also provides $1 million in identity theft insurance, a password and document vault and a Trusted Contacts system for banks.
“There are now 45 million people across the country who are tasked with managing an aging loved one’s money, and older Americans lose $37 billion annually to fraud and money mistakes,” says Todd Rovak, co-founder and co-CEO of Carefull.
With the new funding, which brings Carefull’s total funding to date to $19.7 million, the start-up plans to forge new partnerships, enhance its product development and “build capacity to meet more state regulations”.
