Carefull Raises $16.5 Million to Scale Financial Safety Platform for Older Adults and Their Families

Carefull, an AI-powered financial safety platform that helps banks and wealth advisors protect aging customers from scams and money mistakes, today announced that it has closed its Series A round with $16.5 million in funding. The round was led by Fin Capital and joined by Bessemer Venture Partners, TTV Capital, Commerce Ventures, Montage Ventures, and Alloy Labs, bringing the company’s total funding to $19.7 million.

Carefull is the financial ecosystem’s first Protect-Retain-Transfer (PRT) provider: a tech solution that enables banks, financial advisors, and insurers to protect older adults – their most valuable and vulnerable customers – from outside threats and even their own money mistakes, while the institution retains their assets and deposits for longer and builds relationships with next-generation family members ahead of wealth transfer. Carefull actively scans all customer account types for over 50 financial and behavioral issues unique to aging, catching unusual activity, suspicious patterns, and even bigger problems like financial exploitation by a loved one or signs of cognitive decline. The platform also integrates identity, credit and home title monitoring; $1M 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.

“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,” said Todd Rovak, Co-founder and Co-CEO of Carefull.

“Banks, wealth advisors, and financial caregivers need a solution that customers actually want to use,” added Carefull Co-founder and Co-CEO Max Goldman. “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.”

Over the past year, Carefull has rapidly expanded its footprint to include more than 35 financial institutions and advisor groups. The Cooperative Bank in Roslindale, Massachusetts recently won a 2023 Community Commitment Award from the American Bankers Association for its use of Carefull to protect older Americans from fraud and unusual account activity. As of Q3 2023, Carefull has been shown 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.

“Carefull has emerged as an instrumental solution for financial caregivers and banks alike, and we’re proud to support the company through the next phase of their growth,” said Christian Ostberg, General Partner at Fin Capital. “As younger family members step in to manage their loved ones’ finances, there is an estimated $84 trillion in wealth transfer underway. Financial institutions and advisors are actively seeking out ways to help families through this time of transition while building relationships with their next generation of customers. Carefull’s full-stack financial safety suite is a critical step in solving many of the acute issues in the category, and we’re excited about where the team is headed.”