CertifID Secures $12.5M Series A Financing
May 17, 2022
CertifID, a Texas-based wire fraud technology solution, recently closed on a $12.5 million Series A round of financing led by Arthur Ventures.
A Minneapolis-based growth equity firm, Arthur Ventures leads B2B software investments in high-growth, capital-efficient businesses. This financing gives CertifID the capital to continue its expeditious growth while protecting businesses and consumers from wire fraud.
"CertifID is tackling the biggest threat to the real estate industry," said Patrick Meenan, General Partner with Arthur Ventures. "They have developed a unique suite of products to prevent fraud and a rapid response recovery team to support businesses and consumers who experience a loss. We are thrilled to back such an impressive, mission-driven team."
Last year, the FBI reported $2.4 Billion in losses due to Business Email Compromise (BEC). CertifID’s technology solution reduces the risk of BEC by validating parties in a transaction and providing up to $1 million of insurance on every transaction. Since its inception, CertifID reported it has protected over $150 billion in transactions. In addition, CertifID’s Fraud Recovery Services team, in partnership with the United States Secret Service, provides rapid response services for fraud victims. Since launching this response team in 2021, CertifID has helped over 190 victims and returned nearly $50 million from fraudulent accounts.
“Fraud is at an all-time high as global criminal networks prey on the shift to virtual communications and electronic transfers ignited during the Covid-19 pandemic. Our team has worked tirelessly to educate and empower businesses and consumers on the threat of fraud, but there is more work to do,” said Tyler Adams, co-founder and CEO of CertifID. "This investment will enable us to significantly expand our reach as we look to protect every real estate transaction. With the backing of Arthur Ventures, we’ll be able to double down on hiring and retaining exceptional talent that is passionate about building industry-leading technology to protect businesses and unsuspecting homebuyers from fraud.”
CertifID was founded in 2017 by Thomas Cronkright II, Lawrence Duthler and Tyler Adams. Tom and Lawrence are owners and founders of Sun Title. In 2015, Sun Title fell victim to a social engineering scheme resulting in a wire fraud that cost the company nearly $200,000. This experience led to the development of CertifID and a desire to prevent the same situation from occurring to other businesses.
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