Carefull, an AI-powered financial safety platform that helps banks and wealth advisors protect aging customers from scams and money mistakes, has closed a $16.5 million Series A round.
Fin Capital led the round, with participation from Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures, and Alloy Labs.
Carefull says its AI tech actively scans all customer account types for over 50 financial and behavioural issues unique to aging, catching unusual activity, suspicious patterns, financial exploitation by a loved one or signs of cognitive decline.
The platform also integrates identity, credit and home title monitoring; $1 million in identity theft insurance; a password and document vault; and a smarter Trusted Contacts system for banks to gain "share of family" in addition to share of wallet.
Founded in 2019, the firm has signed up about three dozen financial institutions and advisor groups and claims to have helped reduce customer account churn and attrition by as much as 10x in partner banks, and generated as many as 60 new leads per wealth advisor.
"There are now 45 million people across the country who are tasked with managing an aging loved one's money, and older Americans lose $37 billion annually to fraud and money mistakes. The growing role of the financial institution to help families here cannot be understated," says Todd Rovak, co-CEO, Carefull.
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