AI Native Startups in Financial Services
by Shabir Vasram, Jonas Simonin, Louis PetitJean
While the use of AI in financial services is not new, the emergence of Generative AI has clearly accelerated the creation of AI-native startups aiming to automate workflows and empower financial institutions and teams. After mapping the space and meeting teams, here are the main topics that caught our attention.
The CFO Suite:
Come for the feature, stay for the product.
Many companies aims to streamline financial processes by automating receivables and payables management, by improving bookkeeping accuracy and efficiency, or optimising document processing through AI driven solutions. We believe these features are highly relevant hooks but we are convinced that only a more holistic offering will drive retention.
PS: We did not mention here all the players with broader scope who are building AI features retrospectively (e.g., Memo Bank, Silvr, Pivot, Pennylane, Flow48, etc.).
Augmented Analysis:
This sector has experienced the biggest acceleration with the emergence of LLMs. We are closely monitoring what is happening in this space, not only for investment opportunities but also to explore potential improvement of our own product.
Risk Assessment:
These companies did not wait for LLMs to use AI, as classification of transactions or customer risk profiles are well-adopted features in financial services, but the ability to process large amounts of unstructured data is clearly an opportunity for them to expand their value proposition.