Carefull, a New York-based fintech platform focused on protecting older customers from financial fraud, scams, and money-related mistakes, raised $ 16.5 million in Series A funding, bringing its total raised to $19.7 million.
SaaS Investors
The Series A round was led by Fin Capital, with participation from TTV Capital, Bessemer Venture Partners, Commerce Ventures, Montage Ventures, and Alloy Labs.
Founded in 2018, Fin Capital is a venture capital firm based in San Francisco, California. The firm seeks to invest in seed-stage, early-stage, growth-stage, and later-stage companies and take board or observer seats in the companies. The firm seeks to invest in the business-to-business fintech sector with a focus on enterprise SaaS across the United States and Europe.
Carefull Use of Funds
The proceeds from this funding round will be allocated for several purposes, including: expanding Carefull's network of partners, further product development to enhance the platform's capabilities, and integrating with additional wealth and banking customers.
About Carefull
Founded in 219 by Odd Rovak and Max Goldman, Carefull is a company building digital services for financial caregivers. The company provides an AI-powered financial safety platform that helps banks and wealth advisors protect customers aged 55+ from financial threats, retain assets and deposits for longer, and bridge the ahead of wealth transfer. Carefull's platform scans customers' financial accounts for signs of "issues unique to aging," particularly those that may indicate financial exploitation. They use data-driven models to identify abnormal financial and behavioral patterns, collaborating with partner banks and asset managers to identify threats and trends specific to different regions. Carefull currently serves over 35 customer institutions and partners.
The company is set to expand its team from 25 employees to 50 within the next 12 months.
Funding Details
Company: Carefull Corporation
Raised: $16.5M
Round: Series A
Funding Month: October 2023
Lead Investors: Fin Capital
Additional Investors: TTV Capital, Bessemer Venture Partners, Commerce Ventures, Montage Ventures, and Alloy Labs
Company Website: https://getcarefull.com/
Software Category: Financial Safety Platform
Source: https://techcrunch.com/2023/10/11/carefull-lands-16-5m-to-shield-seniors-from-financial-fraud/