FairPlay has raised $ 4.5 million to eliminate biases in the financial industry

FairPlay, a New York-based artificial intelligence startup, has raised $ 4.5 million seed financing to expand its Justice service solution to achieve credit compliance through loans.

The financing round was led by Third Prime Capital, with the participation of FinVC, TTV, Financial Venture Studio, Amara and Nevcaut Ventures. The new capital will accelerate FairPlay’s continued growth and development efforts with its machine learning team. Keith Hamlin, managing partner of Third Prime, mentioned the company’s involvement in:

“We are really excited about our investment in FairPlay. Even for the most conscientious and responsible lenders and marketers, the bias algorithm presents a complex and enduring challenge that poses a reputation and regulatory risks. FairPlay’s solutions divert algorithmic promotion and decision-making, enabling its customers to navigate more and more regulatory control, quickly repeat new and existing products, and fulfill the promise of fairness, inclusion, and upward mobility for modern families and communities.

Founded in 2020, FairPlay was born out of a mission to make all decision-making systems fairer for all organizations, while helping them increase profits. It achieves this by offering 2 APIs for different purposes: One detects differences and the protected group that are affected, while the second confirms waiver loans using new AI fairness algorithms. Kareem Saleh, founder and CEO of FairPlay, said about this role:

“Just as we built Internet search infrastructure and payment infrastructure, we also need to build fair Internet infrastructure. FairPlay turns fairness into a business advantage, enabling our users to divert digital decisions in real time and demonstrate strong steps to be fair to their customers, regulators and the public. In short, FairPlay pays for justice. ”

despite the existence of fair loans Under U.S. regulations, studies show that those who applied for loans had 40% more to exclude Latino applicants, 50% more to exclude applicants from Asia and the Pacific Islands, 70% more to exclude American applicants and 80% more. reject black applicants ”. By eliminating the inevitable human bias using AI and ML, FairPlay believes it can take the lending industry into a new era.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button