Ramp raises $1.85B at a $60B valuation, Amex and JPMorgan set limits for AI agents, and more - Finance AI Weekly #89

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In this edition, covering 12 to 18 October:

• Ramp raised $1.85 billion at a $60 billion valuation, with annualized revenue past $2 billion.
• American Express and JPMorgan Chase set limits on AI agents that buy and bank for customers.
• The Financial Stability Board published 12 practices for responsible AI adoption, and the IMF warned an AI market correction could spread financial stress.

Partner event

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Agents that pay

American Express introduced its Intent Intelligence Framework, which captures and authenticates a customer's purchase instructions before an AI agent completes a transaction. Each purchase gets an Intent ID and a Proof of Intent Token for fraud prevention and disputes. American Express

JPMorgan Chase went the other way for its own customers. External AI agents may not log in to or operate US retail accounts, for security and liability reasons. The bank allows some read only data sharing through open banking providers and is testing its own Smart Cash agent for cash flow forecasts and transfers. JPMorgan Chase

Others are building the rails. Mollie plans a banking layer for AI agents and offers up to €50 million in equity to a founding team or acquired startups. Tether Capital invested in AIsa, whose platform lets more than 250,000 agents pay for data, APIs, models and computing in fiat or stablecoins. At Sibos, Coinbase's Yuga Cohler described how MCP, A2A and X402 could support autonomous payments. Mollie · Tether · Coinbase

Insurify joined Sierra's proposed Poppy protocol for personal AI agents as an early design partner, pushing for shopper consent, coverage limits and carrier attribution. AEON added Chilean peso bank transfers to AEON Pay, and Credit Sesame launched Sesa, modular credit agents that enterprises and LLM services can add with one line of code. Insurify · AEON · Credit Sesame

It can also go wrong. An internal OpenAI agent testing a trading app on Ethereum's Sepolia test network used a wallet without permission to pay fees, and left the spending out of its report. The OpenAI report

Regulators

The Financial Stability Board published a final report with 12 nonbinding practices for financial institutions adopting AI, covering governance and risk management across the AI lifecycle, data, human oversight, cybersecurity and third party dependencies. FSB Chair Andrew Bailey also wrote to G20 finance ministers and central bank governors about stability risks from AI, global stablecoins, sovereign bond markets and private credit. The 12 practices · The Bailey letter

The IMF said an AI market correction, higher government bond yields and cyberattacks could create wider financial stress, and recommended less debt and leverage and stronger cyber defenses. IMF

The Hong Kong Monetary Authority introduced its ART Framework (accountability, resilience, trust) for AI in banks, with updated supervisory guidance, a training data sharing platform with Cyberport and the University of Hong Kong, and more agentic AI testing in its GenAI Sandbox++. HKMA

Funding and deals

Ramp raised $1.85 billion in a round led by Dragoneer Investment Group, at a $60 billion valuation. Its annualized revenue has passed $2 billion, it is cash flow positive, and more than 85,000 companies use it. The money goes to AI tools and financial operations products. Ramp

Intuit is buying Sequence, a London and New York fintech that automates billing, payments and revenue management, in a deal reported at about $200 million. PayJoy will acquire strategic assets of Mexico's Finia AI for AI underwriting of micro businesses, and PLACE agreed to acquire Ardley, whose software finds refinancing and retention opportunities for mortgage lenders. Intuit · PayJoy · PLACE

In smaller rounds, Bind AI raised $10 million for an insurance automation service already live with hundreds of agencies. Homa raised $5 million and started mortgage lending as it expands into California. Stockholm's Matters raised $5 million to build a subscription consumer bank with AI guidance, with former Nordnet CEO Lars Åke Norling as chair. Mumbai's RevRag AI raised $2.5 million for multilingual agents for financial services. Bind AI · Homa · Matters · RevRag AI

Banks

Farsight deployed its on premise AI platform across Deutsche Bank's Investment Banking and Capital Markets teams in Europe and North America, so staff can use internal data and workflows without sensitive information leaving the bank. Deutsche Bank

Starling Bank will train a transactional foundation model on more than 15 billion anonymised transactions, on Civo's UK sovereign cloud, starting with fraud detection. SBS launched an NVIDIA powered platform that lets banks run generative and agentic AI in their own cloud or on premises; Scottish Building Society already uses it. Starling · SBS

Mashreq is piloting IBM Bob for integration engineering and reports 60% to 70% less time on integration design and troubleshooting. Ant Digital Technologies says Asian banks are moving from cost cutting to revenue with AI, and introduced its Commercial Agent Super Factory. Mashreq · Ant Digital

Customers are split. In an EOS Group study of 4,400 bank customers in 11 European countries, 29% would prefer AI over a person for sensitive financial topics, while 60% miss human contact. EOS Group

Markets and investing

Bloomberg made ASKB generally available on the Terminal. It can use a customer's own Instant Bloomberg chats, worksheets and Bloomberg Drive files next to Bloomberg data, news and research, with citations. Bloomberg

More financial data is moving into AI tools. S&P Global added Visible Alpha's consensus estimates and segment data to its AI Data Portal for MCP enabled applications, and Anthropic verified Omega Point's MCP connector for investment risk and attribution in Claude's marketplace. Benzinga and WNSTN now sell a joint AI offering to brokerages through white label and API integrations. S&P Global · Omega Point · Benzinga and WNSTN

On the trading side, a MEXC survey of 3,708 crypto traders found 84.8% used AI for research or trading, but most would give it no more than 20% of their accounts. Moomoo added four AI research assistants to its paper trading competition, and Investing.com ranked California first in US AI investing activity. MEXC · Moomoo · Investing.com

Insurance

Manulife launched an enterprise AI platform for its global operations. It says its AI work generated $300 million in value by the end of 2025 and expects $1 billion cumulative by 2027. Voya Financial picked Unqork's AI platform for retirement onboarding and service. Manulife · Voya

ZestyAI's risk models passed 500 regulatory approvals across 317 rate and rule filings in 44 states, covering wildfire, storm, hail and other perils. Eagleview released research on AI in underwriting and claims at its first Property Claims Leadership Forum. ZestyAI · Eagleview

For underwriters and brokers, Lexcel introduced an AI platform for specialty insurance that applies each firm's guidelines and past decisions, Cogitate expanded its CAIRA agents across underwriting and claims, and EY UK and INSTANDA formed an alliance to modernize insurers' core systems. Integrity partnered with Insurance Pro, and Waterdrop says its KEYI.AI tool cut complex health underwriting time by 80%. Lexcel · Cogitate · EY and INSTANDA · Integrity · Waterdrop

Finance teams

Genpact made an agentic accounts receivable suite generally available for manufacturing and mining, with stated estimates of up to 80% touchless cash application; FLSmidth uses it. FIS launched its Agentic Insights Suite for CFO cash, liquidity and risk forecasts. Genpact · FIS

Centalion deployed an AI Treasury Agent connected to Komgo's Konsole, cutting issuance processing time by about 55% and amendments by about 80%. Oracle NetSuite introduced QuickStart, a free AI financial platform for eligible US tech startups. Nexus Frontier Tech launched ProvChain, which links AI results to their sources for credit and lending work. Centalion · NetSuite · ProvChain

Caruso is expanding its fund administration into the US with a Dallas hub, and Bottomline's Natasha Lapierre set out at Sibos what banks need for AI and digital assets in payments. Caruso · Bottomline

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