CertifID, a prominent wire fraud protection company, has secured $20 million in new funding through a Series B round led by Arthur Ventures, the same investor that participated in CertifID’s $12.5 million Series A round in May 2022.
CertifID has experienced strong adoption of its wire fraud protection software, insurance, and recovery services over the past year. During this period, the company launched PayoffProtect, its most successful new product, doubled its customer base, and formed significant enterprise partnerships, including one with global fintech leader Acrisure.
Despite the cyclical nature of the housing market, fraud in real estate transactions has seen exponential growth. The FBI reported a 72% increase in business email compromise (a common tactic in wire fraud) within the real estate sector from 2020 to 2022. The industry primarily relies on manual processes to verify banking and identity details while handling trillions of dollars in payments annually, making it an attractive target for fraudsters over the past several years.
CertifID’s mission is to serve as the frontline defense against wire fraud in the real estate industry. Since its inception, the company has protected billions of dollars from attempted fraud attacks and helped recover over $60 million in stolen funds for victims. The new investment will further support CertifID’s efforts to combat the growing risks of fraud.
Patrick Meenan, General Partner at Arthur Ventures, commented on the investment, stating that CertifID is addressing a significant problem in an industry in need of modern solutions. Despite the challenges posed by a slowing housing market, CertifID stands out as a technology leader with a mission of critical importance to the U.S. economy.
Thomas W. Cronkright II, Executive Chairman at CertifID, emphasized the company’s commitment to providing the products and services necessary to protect closing funds for consumers and businesses.
This funding round follows CertifID’s recognition as the 23rd fastest-growing private software company in the U.S. in 2023 by Inc. 5000. The company has also received accolades such as HousingWire’s Tech 100, Built In’s Best Places to Work 2023, and Inc.’s Best Places to Work 2023.