Orum, a fintech startup that uses machine learnings APIs to speed up the movement of money between banks, has raised a $56 million Series B co-led by Accel and Canapi Ventures.
The new round comes just three months after the firm closed a $21 million Series A and brings the total raised to $82 million.
Orum's offering is based around two products: Foresight, which uses predictive intelligence to guage the availability of funds; and Momentum, which routes funds across the best available payment rails for the transactions via a network of bank providers that include JPMorgan Chase and Silicon Valley Bank.
Orum's client list includes First Horizon Bank, One, Alloy, HM Bradley, and Zero Financial.
Stephany Kirkpatrick, founder and CEO of Orum says that as a certified financial planner she saw firsthand the cracks in the banking industry's payments plumbing.
"While most Americans are not familiar with the intricacies of ACH or why it takes multiple business days to move money between accounts, Orum is wholly focused on unlocking a better system," she 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."