Carefull, an AI-powered financial safety platform designed to assist banks and wealth advisors in protecting aging customers from scams and financial errors, has successfully raised $16.5 million in a Series A funding round.
Fin Capital led this round, with contributions from Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures, and Alloy Labs.
Carefull utilizes its AI technology to actively monitor various customer account types for over 50 financial and behavioral issues that are specific to aging individuals. This includes detecting unusual activities, identifying suspicious patterns, preventing financial exploitation by relatives, and recognizing signs of cognitive decline.
The platform also offers features such as identity, credit, and home title monitoring; $1 million in identity theft insurance; a password and document vault; and an enhanced Trusted Contacts system, allowing banks to strengthen their relationships with families beyond just managing their finances.
Founded in 2019, Carefull has partnered with around three dozen financial institutions and advisory groups and claims to have reduced account churn and attrition rates by up to 10 times in partner banks, while also generating as many as 60 new leads per wealth advisor.
“There are now 45 million individuals in the U.S. responsible for managing the finances of aging loved ones, yet older Americans lose $37 billion each year due to fraud and financial mistakes. The increasing responsibility of financial institutions in supporting families is critical,” said Todd Rovak, co-CEO of Carefull.