Carefull , an AI-powered financial safety platform, has announced that it has closed its Series A round with USD 16.5 million in funding. The funding round was led by Fin Capital and joined by Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures, and Alloy Labs.

This brings the company’s total funding to USD 19.7 million. According to the information provided in the press release, this Series A round will be used to onboard and support new enterprise partnerships as well as advance the company’s behavioural engine. What does Carefull do? Carefull is a Protect-Retain-Transfer (PRT) provider.

This technology enables banks, financial advisors, and insurers to protect their most valued and at-risk clients – usually ones who are older adults – against outside threats and even their own financial mistakes. At the same time, it enables these institutions to retain their assets and deposits for longer and build relationships with next-generation family members ahead of wealth transfer. Moreover, Carefull actively scans various customer account types, identifying over 50 distinctive financial and behavioural issues associated with ageing.

This approach allows it to detect unusual activity, suspicious patterns, and more significant problems, such as financial exploitation by a loved one or signs of cognitive decline. The platform also integrates identity, credit, and home title monitoring; USD 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. More about the company Over the past year, Carefull has aimed to expand its footprint to include more than 35 financial institutions and advisor groups.

As of Q3 2023, Carefull has been reported to reduce customer account churn and attrition by as much as 10x in partner banks and has generated as many as 60 new leads per wealth advisor. .