JPMorganChase, along with Infinity Ventures and Nyca Partners, has invested $10m in FairPlay, a company specialising in Fairness-as-a-Service.
This move aims to tackle algorithmic bias within financial institutions and other sectors, enhancing decision-making processes and consumer services.
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Established in 2020, FairPlay assists organisations in identifying and mitigating algorithmic biases, which can improve revenues, ensure regulatory compliance, and offer better consumer experiences.
The company’s technology is particularly relevant for financial institutions, insurance carriers, and marketers, providing tools to detect blind spots in their algorithms and automated systems for re-evaluating decisions.
The latest infusion is expected to further speed up FairPlay’s goal to develop fairness infrastructure for the internet and enhance consumer safety in the rapidly evolving AI landscape.
The Impact Finance & Advisory team at JPMorganChase has recognised the potential in FairPlay’s approach, leadership, and vision. This investment reflects the growing need for AI safety solutions as financial institutions increasingly implement AI technologies.
JPMorganChase Impact Finance and Advisory head Shuman Chakrabarty said: “FairPlay has built an impressive set of products to help its customers evaluate their models, broaden credit access, and strengthen the financial services ecosystem so that institutions of all sizes can adopt responsible AI practices.”
In 2024, FairPlay is said to have logged a threefold growth in business.
FairPlay CEO Kareem Saleh said: “This investment from a leading group of investors and financial institutions underscores the growing importance of AI safety in the banking and insurance sectors.
“We’re thrilled to have the support of such prestigious investors as we enter our next phase of growth.
“This funding not only validates our mission but also enables us to help more lenders and insurers make decisions that benefit their businesses and their customers.”
