CertifID, a leading wire fraud protection company, has announced a successful $20 million Series B funding round, building on the momentum generated by its $12.5 million Series A round in May 2022, which was also led by Arthur Ventures. CertifID is on a mission to be the first line of defense for consumers and businesses against the increasing threat of wire fraud in the real estate industry.
The company’s Series B funding comes as a result of the strong adoption of its wire fraud protection software, insurance offerings, and recovery services. In the past year, CertifID has achieved significant milestones, including the successful launch of its PayoffProtect product, doubling its customer base, and establishing crucial enterprise partnerships, including one with global fintech leader Acrisure.
Despite the cyclical nature of the housing market, fraud in real estate transactions has seen an alarming surge. The FBI reported a 72% increase in business email compromise, a common wire fraud tactic, from 2020 to 2022 within the real estate sector. Manual processes for verifying banking and identity details in an industry processing trillions of dollars in payments annually have created lucrative opportunities for fraudsters.
Tyler Adams, CEO at CertifID, emphasized their mission to protect consumers and businesses from the rising wave of wire fraud and highlighted the significant impact they’ve had, protecting billions of dollars and recovering over $60 million in stolen funds for victims. The new investment will enable CertifID to continue its efforts in safeguarding against the escalating risks of fraud.
Patrick Meenan, General Partner at Arthur Ventures, praised CertifID’s commitment to addressing this critical issue with modern solutions, even in the face of housing market challenges. He expressed excitement about their partnership and their continued growth.
Thomas W. Cronkright II, Executive Chairman at CertifID, stressed the significance of wire fraud as the most substantial threat to real estate transactions today and reaffirmed their dedication to providing the necessary products and services to protect closing funds.
CertifID’s recent accomplishments have earned them recognition, including being ranked as the 23rd fastest-growing private software company in the U.S. in 2023 by Inc. 5000, as well as earning accolades from HousingWire, Built In, and Inc. for their outstanding contributions to the industry and workplace.
In summary, CertifID’s Series B funding round underscores their commitment to combat wire fraud in real estate transactions and their impressive growth in addressing this pressing issue.