AUSTIN, Texas & GRAND RAPIDS, Mich.--(BUSINESS WIRE)--CertifID, a leading wire fraud protection company, today announced $20M in new funding. CertifID’s Series B raise was led by Arthur Ventures, which also invested in CertifID’s $12.5M Series A in May 2022.
CertifID’s Series B round comes on the heels of strong adoption of its wire fraud protection software, insurance, and recovery services. In the past year, CertifID has launched its most successful new product yet, PayoffProtect; doubled its customer base; and forged significant new enterprise partnerships such as with global fin-tech leader Acrisure.
Despite the cyclical nature of the housing market, fraud against real estate transactions has grown exponentially. The FBI reports that the real estate sector experienced a 72% surge in business email compromise (one of the most common tactics used in wire fraud) from 2020 to 2022.1 The industry largely relies on manual processes to verify banking and identity details, yet is processing trillions of dollars in payments annually2 -- providing a lucrative opportunity for fraud over the past several years.
“CertifID’s mission is to be the frontline defense for consumers and businesses against the growing wave of wire fraud plaguing the real estate industry,” stated Tyler Adams, CEO at CertifID. “Since our founding, we have protected billions of dollars from attempted fraud attacks, as well as helped recover over $60M in stolen funds for victims. This investment will help us continue to safeguard against the intensifying risks of fraud.”
Patrick Meenan, General Partner at Arthur Ventures, commented, “CertifID is addressing a growing problem in an industry looking for modern solutions. Despite the challenges posed by a decelerating housing market, CertifID stands out as a technology leader with a mission of utmost importance to the U.S. economy. We are excited to continue our partnership with CertifID and are eager to see them continue their impressive growth."
“Wire fraud is the greatest threat to real estate transactions today,” said Thomas W. Cronkright II, Executive Chairman at CertifID. “Our team remains committed to providing the products and services required to protect closing funds for consumers and businesses.”
This funding announcement follows several honors for CertifID, including being recognized as the 23rd fastest-growing private software company in the U.S. in 2023 by Inc. 5000, HousingWire’s Tech 100, Built In’s Best Places to Work 2023, and Inc.’s Best Places to Work 2023.
About CertifID
CertifID is a leader in wire fraud protection. The company safeguards billions of dollars every month from fraud with advanced software, insurance, and proven recovery services. Trusted by title companies, law firms, lenders, realtors, home buyers and sellers, and others, CertifID provides further peace of mind with up to $1M in direct coverage on every wire it protects. Learn more at: www.certifid.com.
Citation:
- Federal Bureau of Investigation, “Business Email Compromise and Real Estate Wire Fraud,” 2022. URL Reference: https://www.fbi.gov/file-repository/fy-2022-fbi-congressional-report-business-email-compromise-and-real-estate-wire-fraud-111422.pdf/view
- CoreLogic, 2021: A Record-Breaking Year for Real Estate Transactions, May 18, 2022. URL Reference: https://www.corelogic.com/intelligence/2021-a-record-breaking-year-for-real-estate-transactions/
