AI Fintechs Grab Big Funding to Provide Technology to Banks

AI technology continues its hot streak in recent years with venture money pouring into the market; American Banker takes a look at three firms who have recently raised big rounds and are looking to service the banking market; January saw ComplyAdvantage raise a $30mn round and Cinnamon bring in $15mn, while February saw Zoovu secure $14mn; ComplyAdvantage, or Mimiro as they are now called, helps banks to fight fraud; Cinnamon uses their flex scanner to read documents and then puts key information into database files; Zoovu is a digital sales assistant program; while each of these firms is focused on a different area of the market they are all looking to capitalize on 52 percent of the bank executives who say they expect to increase their tech budgets in the next year. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.