Varo Bank's AI Strategy, Finnomena's Google Cloud Collaboration, and IOSCO's Findings - Finance AI Weekly #6
March 17, 2025 -
Finance AI Weekly
Hi there,
Welcome to this week's edition of Finance AI Weekly.
The International Organisation of Securities Commissions (IOSCO) has released a consultation report examining the role of AI in capital markets, with a focus on investor protection, market integrity, and financial stability. Meanwhile, Varo Bank is set to integrate AI and machine learning to boost profitability by enhancing underwriting, fraud prevention, and customer experiences under the leadership of new CEO Gavin Michael.
In other news, Finnomena has partnered with Google Cloud to develop AI solutions for capital markets information management, aiming to improve financial market updates and investment offerings. Additionally, Fractional AI has introduced a generative AI diligence service to assist private equity firms in evaluating risks and opportunities during mergers and acquisitions. Stay tuned for more updates on how AI continues to shape the financial landscape.
Varo Bank to Integrate AI for Profitability
Varo Bank, led by new CEO Gavin Michael, plans to use AI and machine learning to enhance operations, focusing on underwriting, fraud prevention, and personalized customer experiences to achieve profitability. Read more
Finnomena Partners with Google Cloud for AI Solutions
Thai fintech firm Finnomena has teamed up with Google Cloud to implement an AI-powered solution for capital markets information management, aiming to enhance financial market updates and investment offerings. Read more
Fractional AI Introduces AI Diligence Service for Private Equity
Fractional AI, based in San Francisco, has launched a generative AI diligence service to aid private equity firms in assessing risks and opportunities during mergers and acquisitions. Read more
IOSCO Releases AI in Capital Markets Report
The International Organisation of Securities Commissions (IOSCO) has published a consultation report on the implications of AI in capital markets, focusing on investor protection, market integrity, and financial stability. The report seeks to create a shared understanding of AI-related risks and governance principles among its members. Read more
LiveArt Introduces AI Agent for Market Insights
LiveArt has launched the LiveArt AI Agent, a market intelligence engine offering real-time insights and predictive analytics for the art and digital asset markets, aiming to democratize access to this information. Read more
Nubank Partners with OpenAI for AI-Driven Customer Service
Nubank has teamed up with OpenAI to enhance customer service and internal operations for its 114 million users. The partnership includes tools like a custom enterprise search, a call center copilot, and an AI assistant for customer inquiries. Read more
OpenOcean Secures €100 Million for AI and Startup Investments
Helsinki-based deeptech firm OpenOcean has raised €100 million for its fourth flagship fund, targeting AI and data startups with a focus on private equity rollup strategies. Read more
BSP Drafts Ethical AI Regulations for Finance
The Bangko Sentral ng Pilipinas is creating new regulations to manage AI risks in the financial sector, focusing on ethical use and decision-making accuracy. Read more
CompScience Secures $27.6 Million for AI Workplace Safety
CompScience, a commercial insurance company, has raised $27.6 million in Series B funding led by Sands Capital to enhance its AI-driven insurtech platform for workplace safety. Read more
Nirvana Secures $80 Million for AI Trucking Insurance
Nirvana, an AI-based insurance platform for trucking, has raised $80 million in a Series C funding round, increasing its valuation to $830 million. The funds will help address challenges from new U.S. tariffs on imports from Mexico and Canada. Read more
HomeVision Partners with Restb.ai to Enhance Underwriting with AI
HomeVision, a collateral underwriting platform, has partnered with Restb.ai to integrate AI into its MIRA platform, aiming to improve appraisal accuracy and streamline workflows in the mortgage industry. Read more
Oracle Adds AI to Financial Crime Investigation Tools
Oracle Financial Services has enhanced its Investigation Hub Cloud Service with AI agents to automate and improve financial crime investigations. These agents use generative AI to speed up and enhance the analysis of suspicious activities, aiming to uncover complex schemes more efficiently. Read more
Lemonade Partners with ZestyAI for AI-Enhanced Underwriting
Digital insurance company Lemonade has teamed up with AI firm ZestyAI to improve catastrophe underwriting in the U.S. using predictive analytics. Read more
Alloy Introduces AI Fraud Detection Tool
Alloy has launched the Fraud Attack Radar, an AI-powered tool for real-time fraud detection in financial institutions. This machine learning-based solution provides alerts and insights to combat fraud during new account creation. Read more
Harel Insurance Partners with Multyx for AI Enhancement
Harel Insurance and Finance Group has teamed up with Multyx to boost its AI capabilities. The partnership focuses on integrating advanced AI and machine learning solutions into Harel's infrastructure to improve business processes and customer experience. Read more
Capco Partners with OpenAI for AI Integration in Finance
Capco, a global management and technology consultancy, has announced a collaboration with OpenAI to leverage AI technologies, including ChatGPT, to improve services for financial institutions. Read more
Coupa's AI Platform Growth Amid Trade Complexities
Coupa Software reported significant growth in its AI-native total spend management platform, achieving double-digit year-over-year bookings for FY25. The company highlighted over $240 billion in efficiency savings for businesses using its platform. Read more
Digits Unveils AI-Driven Autonomous General Ledger
Digits, an AI startup, has launched the world's first Autonomous General Ledger for accounting, with Craig Walker, co-founder of Xero, joining the team. The software aims to automate bookkeeping tasks and provide real-time financial insights. Read more
FIS Launches Treasury GPT AI Tool with Microsoft
FIS has introduced 'Treasury GPT', an AI tool for corporate treasurers, developed with Microsoft using the Azure OpenAI Service. The tool aims to improve efficiency and strategic focus for treasurers. Read more
Reclaim Health and WEX Integrate AI for Healthcare Financial Management
Reclaim Health and WEX have announced an integration of their platforms to enhance healthcare financial management. This collaboration aims to assist employers and employees in making informed benefit decisions and optimizing healthcare spending. Read more
AlphaSense and Cerebras Partner for Faster AI Insights
AlphaSense and Cerebras Systems have announced a strategic partnership to enhance market intelligence by integrating Cerebras' high-performance computing capabilities, delivering AI-driven insights up to 10 times faster. Read more
Disputed.ai Raises $1.12 Million for AI Chargeback Management
Disputed.ai, an AI-driven chargeback management platform, has secured $1.12 million in seed funding to enhance its capabilities in automating chargeback management for large merchants. Read more
FCA Roundtable on AI Adoption Challenges for UK Banks
The UK Financial Conduct Authority is organizing a roundtable with banking leaders to address concerns that strict compliance requirements are hindering AI investment. The discussion will explore balancing innovation with regulatory demands. Read more
Qi Integrates AI and Cloud Tech from Genesys in Iraq
Qi, a fintech consortium in Iraq, has integrated Generative AI and Cloud technology from Genesys to enhance its customer experience system, marking a first in Iraq's fintech sector. Read more
Perfios Acquires Credit Nirvana for AI Debt Management
Perfios, an Indian B2B SaaS company, has acquired Credit Nirvana, an AI-powered debt management platform, to enhance its financial services technology. The acquisition aims to expand Perfios' product offerings and enter new markets. Read more
Gemspring Capital Acquires Appriss Retail
Gemspring Capital Management has acquired Appriss Retail, a company specializing in AI-driven analytics and loss prevention software for retailers. The acquisition is intended to foster innovation and growth in fraud prevention and profitability enhancement for retail partners. Read more
Factura.ai Becomes Workday Innovation Partner
Factura.ai has been recognized as a Workday Innovation Partner, earning its Design Approved Badge. The company provides a cloud-based solution to automate accounts payable processes for businesses using Workday Financial Management. Read more
Accend Launches AI Credit Analyst Platform
Accend, a Y Combinator-backed startup, has introduced an AI-powered platform designed to enhance efficiency in credit analysis for fintechs and banks. The platform aims to deliver 100% accuracy and reduce processing time, with clients including Slope and Pleo. Read more
Zavvie Introduces AI-Powered Home Financing Platform
Zavvie, a fintech company, has launched HomeFAI, an AI-driven platform to expedite cash offers and funding for homebuyers, enhancing competitiveness in the housing market. Read more
Octopus Money Partners with Aveni for AI Solutions
Octopus Money has partnered with Aveni to implement AI solutions aimed at enhancing adviser and coaching teams. The collaboration focuses on improving customer support and compliance with Consumer Duty regulations. Read more
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