More businesses are using AI algorithms to streamline high-stakes decision-making, from approving loans to pre-screening job candidates to managing medical care.
FairPlay launched in 2020 to help fintech companies, banks, insurance companies and other financial services companies identify blind spots and mitigate bias in their decision-making systems. FairPlay’s customers have reported increased revenue and improved financial health for consumers, as well as better compliance management, from the use of its software tools.
“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,” said Schuman Chakrabarty of JPMorganChase, which backed FairPlay’s round via through its impact finance and advisory division.
AI powered
FairPlay says the funding will help it reach more lenders and insurers. The New York-based “fairness-as-a-service” company late last month brought on Pathward, a South Dakota-based financial inclusion-focused national bank, as a customer under a three-year contract.
“The partnership provides Pathward with a cloud-native software solution that refines our analytical capabilities related to fair lending and creates efficiency through new tools and automation,” said Pathward’s Charles Ingram. Other investors in FairPlay’s new round include Infinity Ventures and Nyca Partners.
