CertifID, a wire fraud protection company, has announced a successful Series B funding round, raising $20M in new funding. The round was led by Arthur Ventures, who also participated in CertifID’s previous Series A raise of $12.5M in May 2022.
CertifID’s latest funding comes on the back of the strong adoption of its wire fraud protection software, insurance, and recovery services. Over the past year, the company has experienced significant growth, launching its most successful new product to date, PayoffProtect, doubling its customer base, and forging important partnerships, including one with global fintech leader Acrisure.
The real estate sector has seen a drastic increase in fraud against transactions, despite the cyclical nature of the housing market. The FBI reports a 72% surge in business email compromise, one of the most common tactics used in wire fraud, in the real estate sector from 2020 to 2022. With the industry heavily relying on manual verification processes for banking and identity details, the opportunity for fraud has become lucrative over the past few years.
CertifID aims to be the frontline defense against wire fraud in the real estate industry. Since its founding, the company claims to have protected billions of dollars from attempted fraud attacks and helped recover over $60M in stolen funds for victims. The recent investment will further aid in safeguarding against the escalating risks of fraud.
Arthur Ventures sees CertifID as a noteworthy technology leader in the industry. Despite the challenges posed by a slowing housing market, CertifID stands out with its mission to combat wire fraud, which is of utmost importance to the U.S. economy. The partnership between Arthur Ventures and CertifID will continue to support the company’s impressive growth.
According to Thomas W. Cronkright II, Executive Chairman at CertifID, wire fraud is the greatest threat to real estate transactions today. The company remains committed to providing the necessary products and services to protect closing funds for both consumers and businesses.
CertifID claims to be a leader in wire fraud protection. The company safeguards billions of dollars monthly from fraud by utilizing advanced software, insurance, and proven recovery services. Trusted by various entities in the industry, such as title companies, law firms, lenders, realtors, home buyers, and sellers, CertifID offers up to $1M in direct coverage on every wire it protects, providing further peace of mind.
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