Visa's $3.5B AI Security Boost, Lawpath's $10M Westpac Deal, and Lloyds' AI Leadership - Finance AI Weekly #1
February 10, 2025 -
Finance AI Weekly
Hi there,
Welcome to this week's edition of Finance AI Weekly, where we delve into the latest advancements and partnerships in the world of AI within the finance sector. This week, we highlight Visa's significant investment of $3.5 billion in AI to enhance transaction security, aiming to safeguard its 639 million daily transactions. Meanwhile, Lawpath has secured a AUS $10 million investment from Westpac Bank to make legal services more accessible for small businesses in Australia.
In other news, Lloyds Banking Group has appointed Dr. Magdalena Lis as the head of responsible AI to lead the bank's AI safeguards. Additionally, MongoDB and Lombard Odier have partnered to modernize banking technology systems using generative AI. These stories, along with many others, showcase the dynamic and evolving landscape of AI in finance, highlighting both innovation and strategic collaborations.
Visa Invests in AI for Transaction Security
Visa is investing in AI and generative AI to secure 639 million daily transactions. The company has allocated $3.5 billion to enhance its data platform and integrate over 100 AI products to prevent fraud and improve cybersecurity. Read more
Lawpath Secures AUS $10 Million Investment from Westpac
Australian online legal services provider Lawpath has received a AUS $10 million investment from Westpac Bank, forming an exclusive partnership to enhance accessibility of legal services for small businesses. Read more
Lloyds Banking Group Appoints Dr. Magdalena Lis as Head of Responsible AI
Lloyds Banking Group has appointed Dr. Magdalena Lis as the head of responsible AI, effective February 3, 2025. She will lead the implementation of AI safeguards and controls within the bank. Read more
MongoDB and Lombard Odier Partner for AI Banking Tech
MongoDB has partnered with Lombard Odier to modernize the bank's technology systems using generative AI. The collaboration focuses on innovation, reducing complexity, and enhancing customer experiences. Read more
Jump Secures $20 Million Series A Funding
Jump, an AI solutions provider for financial advisors, has raised $20 million in a Series A funding round led by Battery Ventures. The funds will be used to enhance AI tools for financial professionals. Read more
Formica AI: Turkish Initiative for Financial Fraud Detection
The Turkish-developed Formica AI is at the forefront of fraud detection and prevention, providing solutions for financial institutions, e-commerce, and cryptocurrency companies in Turkey. It employs advanced AI algorithms for real-time transaction monitoring to ensure regulatory compliance and reduce financial losses. Read more
Semeris Secures €4 Million for GenAI in Finance
The London-based FinTech startup Semeris has raised €4 million to expand its sales team and enhance its platform, focusing on Generative AI solutions in structured finance. The funding, led by Puma Growth Partners, aims to improve the efficiency of analyzing complex legal documents. Read more
Scienaptic AI and MDT Partner for AI-Driven Lending
Scienaptic AI has partnered with MDT to enhance AI-driven underwriting for credit unions, aiming to improve risk management and lending decisions. Read more
IBM Study Predicts AI to Boost Banks by 2025
IBM's report forecasts increased adoption of generative AI in banks, predicting a shift from pilot programs to strategic use by 2025. The study notes that 60% of banking CEOs see the need to embrace risk for automation benefits. Read more
Flagright's AI Platform for AML Compliance
Flagright Co-Founder Madhu G. Nadig outlines the company's AI-native compliance platform designed to aid financial institutions in combating money laundering and financial crimes through real-time transaction monitoring and enhanced fraud detection. Read more
Neofin Raises $7 Million for AI Accounts Receivable Solutions
Neofin, a Brazilian startup, has secured $7 million in seed funding to enhance its AI-driven accounts receivable solutions. The investment will support the development of new features aimed at improving efficiency for SMEs in Brazil. Read more
Worldpay Acquires AI-Powered Fraud Prevention Platform Ravelin
Worldpay has announced its acquisition of Ravelin, an AI-driven fraud prevention platform. The deal, set to finalize in Q1 2025, aims to bolster Worldpay's fraud prevention capabilities for e-commerce merchants. Read more
UK Treasury Committee Seeks Input on AI in Finance
The UK House of Commons Treasury Committee has issued a call for evidence on the use of artificial intelligence in financial services, focusing on consumer protection and financial stability. Responses are due by March 17, 2025. Read more
Quantinuum Launches Quantum AI Framework for Industry Applications
Quantinuum has introduced a Generative Quantum AI framework leveraging its H2 quantum computer to address challenges in medicine, finance, and logistics. The initiative includes collaborations with partners like HPE Group and aims to launch the Helios system by mid-2025. Read more
TaxGPT Raises $4.6 Million for AI Tax Platform
TaxGPT, a FinTech company, has secured $4.6 million to enhance its AI platform for accounting firms, focusing on improving productivity and accuracy in tax queries. Read more
Finovifi Acquires Modern Banking Systems
Finovifi has acquired Modern Banking Systems and Modern Banking Systems of Alabama to expand its AI-powered fintech solutions for community banks. The acquisition aims to integrate advanced technology and enhance customer experience. Read more
Ant International Appoints New Chief Innovation Officer
Ant International has appointed Jiang-Ming Yang as Chief Innovation Officer to lead its AI-driven digitalisation strategy, focusing on innovation in payments, digitalisation, and embedded finance. Read more
Algebrik AI and Plaid Partner to Improve Lending
Algebrik AI has partnered with Plaid to enhance digital lending processes. The collaboration integrates Plaid's financial data with Algebrik's AI system to improve loan origination for financial institutions. Read more
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