The Series B funding round, which has more than doubled the company’s previous valuation, will be used to support the company’s ongoing product development and the expansion of operations. This expansion is vital for the startup to meet the growing demands of an industry that handles transactions worth trillions of dollars annually.
Founded in 2017 by Thomas Cronkright II and Tyler Adams, CertifID is primarily dedicated to developing solutions to combat wire fraud. The company offers a SaaS security platform designed to assist organizations in verifying identities and securely transmitting bank account information.
CertifID’s co-founder, Thomas Cronkright, founded the company in 2017 following a personal loss of $180,000 to fraud at his real estate title agency in Grand Rapids, Michigan. He later joined forces with Tyler Adams, who had previously served as the lead product manager in BCG’s corporate investment and incubation division. Together, they embarked on a mission to create a platform aimed at safeguarding home buyers, home sellers, and real estate businesses from the perils of this particular type of cybercrime.
In 2020, the FBI reported that over 13,000 Americans fell prey to wire fraud within the real estate and rental industry, resulting in losses exceeding $213 million. This marked a staggering 380% surge compared to the numbers from 2017.
“CertifID’s mission is to be the frontline defense for consumers and businesses against the growing wave of wire fraud plaguing the real estate industry,” stated Tyler Adams, CEO at CertifID. “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. This investment will help us continue to safeguard against the intensifying risks of fraud.”
Every month, CertifID plays a crucial role in safeguarding billions of dollars from fraud by providing advanced software, insurance, and proven recovery services. The platform is widely utilized by various stakeholders, including title companies, law firms, lenders, real estate professionals, as well as home buyers and sellers. Additionally, CertifID provides an extra layer of security by offering up to $1 million in direct coverage for every wire transaction it protects, ensuring peace of mind for its users.
Patrick Meenan, General Partner at Arthur Ventures, added, “CertifID is addressing a growing problem in an industry looking for modern solutions. 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. We are excited to continue our partnership with CertifID and are eager to see them continue their impressive growth.”