Carefull Raises $16.5 Million for Financial Safety Platform for Senior Citizens

Carefull Gets $16.5M for Financial Safety Platform for Seniors

Carefull secured $16.5 million in funding through a Series A round to grow its artificial intelligence (AI)-powered financial safety platform for senior citizens.

Carefull will use the capital to expand its platform, establish new enterprise partnerships and advance its behavioral engine, the company said in a Wednesday (Oct. 11) press release.

Carefull’s technological solution helps banks, financial advisors and insurers safeguard older adults, who are valuable yet vulnerable customers, from external threats and financial mistakes, according to the release. The platform actively scans customer accounts for over 50 financial and behavioral issues associated with aging, including unusual activity, suspicious patterns, financial exploitation by loved ones and signs of cognitive decline.

“The growing role of the financial institution to help families here cannot be understated,” Carefull Co-founder and co-CEO Todd Rovak said in the release.

In addition to issue detection, Carefull integrates identity, credit and home title monitoring; provides $1 million in identity theft insurance; offers a password and document vault; and includes a Trusted Contacts system to strengthen relationships between banks and customers, the release said.

The platform has more than 35 financial institutions and advisor groups using its services, per the release.

“Our approach of empowering and including the financial institution has led to tremendous growth over the past four years, so this new infusion of capital will help us reach even more aging Americans and their families,” Carefull Co-founder and co-CEO Max Goldman said in the release.

Older Americans lose $37 billion annually to fraud and money mistakes, according to the release. In addition, approximately 45 million individuals across the country manage the finances of aging loved ones.

The company’s latest funding round was led by Fin Capital, according to the release.

America has the highest percentage of older people in at least a century, with the senior population reaching 17.7% as of August. These consumers are financially well off and have less need to borrow, so they’ve become a strong spending block.

Another solution offered in this space is a prepaid debit card and app from Sibstar that helps seniors avoid falling prey to hackers and scams. The solution is designed to help people with dementia manage their everyday money with discrete oversight from a relative or loved one.