Carefull announced that it managed to raise investment funds for $16.5 million following the results of the Series A financing round.

The company intends to direct the money received to the development of its financial security platform for the elderly, which is based on artificial intelligence. The firm also plans to use part of the raised financing to establish new corporate partnerships. Another option for using investment funds will be the promotion of the behavioral engine developed by Carefull. The relevant information is contained in the company’s press release, which was published last Wednesday, October 11.

The Carefull technology solution helps banks, financial advisors and insurers protect the elderly from external threats and mistakes when handling personal budgets. This age category of consumers is the most vulnerable in terms of exposure to fraudulent influence.

The Carefull platform scans customer accounts for more than 50 financial and behavioral problems, including, among others, suspicious activity, atypical consumer doings, signs of exploitation by loved ones and manifestations of deterioration of cognitive abilities. All of these factors are often found in the so-called elderly environment.

Carefull co-founder and co-CEO Todd Rovak says that in this case it is impossible to downplay the growing role of a financial institution in helping families.

This company also integrates the monitoring of personal data, loans, and home ownership rights. The firm provides insurance against identity theft for $1 million. The company offers password and document storage. Another functional solution of the firm is a system of reliable contacts, which ensures the strengthening of the system of relationships between clients and financial institutions. The relevant information is contained in the company’s press release.

Currently, more than 35 financial institutions and groups of consultants use the platform’s services. Carefull co-founder and co-CEO Max Goldman says that the company’s approach to empowering financial services firms has led to huge growth over the past four years. He also said that receiving investment funds will allow the brand to expand the coverage of services to even more aging Americans and their families.

The company’s press release contains information that elderly residents of the United States lose $37 billion annually as a result of fraudsters and various kinds of mistakes. Also, approximately 45 million people currently manage the finances of aging Americans.

The last round of financing of the company was conducted under the leadership of Fin Capital.

Currently, the United States has the highest percentage of elderly people in the last hundred years. As of August of this year, the share of citizens of this age category in the total population was 17.7%. Elderly Americans in connection with the mentioned circumstances have become a serious source of expenses.

Christian Ostberg, general partner of Fin Capital, says that as younger family members begin to manage the finances of their loved ones, there is a redistribution of wealth for $84 trillion.

As we have reported earlier, Swedish FinTech Brite Payments Raises $60 Million.