AI-powered financial safety platform Carefull has just completed a Series A funding round, raising a total of $16.5 million.

The Series A was led by Fin Capital, although the round saw participation from other big names, such as TTV Capital, Bessemer Venture Partners, Commerce Ventures, Alloy Labs, and Montage Ventures.

Carefull’s impact on financial issues that trouble aging Americans

Carefull was founded in 2019 as a financial safety platform that seeks to help banks and wealth advisors with protecting their aging customers from money mistakes and scams of all kinds. In a world that is rapidly advancing from a technological standpoint, many among elderly citizens struggle to recognize new scamming tactics.

This is where Carefull comes in. The company was founded in 2019, and it has since signed up over three dozen financial institutions and various advisor groups. It claims that it reduced customer account churn and attrition by nearly 10 times in banks that it has partnered with over the last several years.

Along the way, it managed to generate 60 new leads per wealth advisor. The company’s platform also offers identity integration, credit, home title monitoring, and more. It offers $1 million-large insurance fund for those who suffer identity thefts, plus it offers features such as a document and password vault, as well as a smarter Trusted Contacts system, which allows banks to gain a “share of family,” as well as a share of wallet.

The role of financial institutions in protecting their elderly customers

The company intends to use the funds raised during the funding round to further improve its services and access new partners. It stated that its artificial intelligence (AI) technology was designed to actively scan all account types available to customers for more than 50 behavioral and financial issues, which are commonly associated with aging.

As a result, it can catch any unusual activity or suspicious patterns, as well as attempts at financial exploitation, not only by strangers, but also by loved ones. The platform even scans for activities that might be a result of cognitive decline among the customers.

Carefull’s co-CEO, Todd Rovak, commented on the platform’s work, stating that there are more than 45 million people across the United States who are tasked with managing an aging loved one’s money. Unfortunately, this often leads to fraud and money-related mistakes, causing older Americans to lose around $37 billion every year.

Rovak believes that financial institutions have a growing role in helping the elderly manage their funds, thus assisting entire families and that this role cannot be understated.