Fraud prevention tech firm CertifID just received a funding boost. The company secured $20 million in a Series B funding round, according to an announcement on Tuesday.
The funding round was led by Arthur Ventures, which also led their Series A funding round in May 2022, which produced $12.5 million in funding.
“CertifID is addressing a growing problem in an industry looking for modern solutions,” Patrick Meenan, the general partner at Arthur Ventures, said in a statement. “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.”
Between 2020 and 2022, the FBI reported that the real estate sector experienced a 72% increase in business email compromise, a key component to most wire fraud attempts.
In 2023, CertifID launched a mortgage payoff fraud protection product, called PayoffProtect, and the firm has entered into multiple enterprise partnerships including one with fintech firm Acrisure. CertifID also reports that it has doubled its customer base this year.
“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,” Tyler Adams, CertifID’s CEO, said in a statement. “This investment will help us continue to safeguard against the intensifying risks of fraud.” CertifID was recently names the 23rd fastest growing private software company in the U.S. in 2023 by Inc. 5000.
