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Tomo secures $20m in funding as it scales AI-powered mortgage solutions
Tomo, a digital mortgage lender leveraging AI-driven technology, has secured $20m in a Series B funding round.
The latest investment was led by Progressive Insurance, with additional participation from existing investors Ribbit Capital, NFX, and DST Global Partners. This brings Tomo’s total funding to $130m.
Founded by former Zillow executives, Tomo is focused on modernising the mortgage process by reducing interest rates and eliminating hidden fees. The company’s AI-powered platform streamlines underwriting and sales, helping homebuyers secure loans faster and more affordably. Tomo’s technology enables average mortgage rate reductions of 0.50%, which can save buyers approximately $4,000 at closing.
The new funding will support Tomo’s expansion across the United States, including hiring loan officers and mortgage professionals for its offices in Detroit, Seattle, and New York. The company is also preparing to relocate its headquarters from Stamford, Connecticut, to New York City to accommodate its growing team and operations.
Despite challenges in the mortgage industry in 2024, Tomo recorded 3.5x growth and is now operating in 31 states, including Washington, D.C. In December 2024, its purchase unit volume ranked in the top 10% of mortgage lenders nationwide.
Tomo CEO and co-founder Greg Schwartz said, “Outdated business practices, excessive fees, and over-inflated interest rates cost U.S. homebuyers billions of dollars every year. Tomo is on a mission to change that.
“We use AI to deliver low rates without the gotchas. No mystery fees. No missed closing dates. No ‘rate-keeping,’ where you have to talk to a salesperson before getting a price. People love our honest, upfront pricing and seamless customer experience. We’re thrilled our investors recognize our unique vision and value.”
NFX general partner Pete Flint added, “While other mortgage lenders tout ‘automation,’ facilitated by way of call centers or outsourced service providers, Tomo is the real deal. They’re taking a radically different approach, using proprietary technology to cut out origination fees and processing delays in a way that we’ve not seen in the industry so far. We’re thrilled to back Tomo as they enter the next phase of their growth.”
Chubb launches new division for small and lower middle market businesses
Chubb, a global provider of insurance products, has launched a new division, North America Small & Lower Midmarket, to consolidate its Lower Middle Market and Digital Small Business divisions.
The new structure aims to enhance service delivery and streamline operations within this growing segment, according to InsurTech Insights.
Operating under Chubb’s North America Middle Market organisation, the new division is designed to create a more cohesive and efficient approach to serving small and lower middle market businesses.
By combining its expertise in these areas, Chubb intends to simplify processes and improve the experience for clients and partners.
Chubb has appointed Rob Poliseno as division president of Small & Lower Midmarket. He will report to Ben Rockwell, division president of Chubb North America Middle Market. Additionally, Jason Ranucci has been named chief operating officer for the division, reporting to Poliseno. Both appointments take effect immediately.
Poliseno brings over 28 years of industry experience, including nearly 17 years with Chubb. He previously served as division president, Small Business and North America Digital, where he played a key role in advancing Chubb’s underwriting and distribution capabilities. His strong operational background positions him well to lead the new division.
Ranucci, in his role as COO, will oversee broad operational functions, including P&L management, underwriting, product development, pricing, portfolio management, and analytics. With more than 17 years of experience in the insurance industry, he most recently served as head of North America Lower Middle Market and was previously global chief underwriting officer for Small Business.
The consolidation of these divisions is expected to leverage Chubb’s strengths in underwriting and digital agility, offering clients a more seamless and efficient service. The company aims to meet growing demands from agents and brokers for fast underwriting, digital solutions, and a simplified distribution process.
Commenting on the launch, Juan Luis Ortega, executive vice president, Chubb Group, and president, Chubb North America, said, “The small business and lower middle market segments present significant growth and expansion opportunities for Chubb. As the distribution landscape continues to evolve, agents and brokers increasingly demand simplicity, efficient and fast underwriting, and seamless digital experiences. This combination integrates our decades-long underwriting experience in the Lower Middle Market with the agility and speed of our Digital Small Business division, allowing us to apply the full power and deep expertise of our team to service clients in this segment and drive growth.”
Middle Market president Ben Rockwell added, “Launching this division represents an important milestone in how we serve the small and lower middle market business segment. Rob and Jason will build on their successes in this space, leveraging our investments in a modern, automated and data-centric digital operating model that differentiates our approach to a wide range of companies across all industry practices and positions this business for robust growth.”
He continued, “This division will offer more seamless coverage through a comprehensive suite of products and services, including P&C, Financial Lines, Cyber, Multinational, and Accident & Health, while offering agents the options of either a fully digital/automated experience or a digitally augmented service model.”
Pioneer Insurance partners with Sapiens to drive digital transformation in the Philippines
Pioneer Insurance has chosen Sapiens to enhance its digital transformation efforts in the Philippines.
The collaboration will see Pioneer leverage Sapiens Insurance Platform to accelerate digital transformation and enhance customer experience.
The partnership marks a significant step for Pioneer as it aims to modernise its operations, scale its capabilities, and embrace digitalisation.
By implementing Sapiens’ advanced technology, Pioneer seeks to optimise core processes and improve responsiveness to evolving market demands.
Sapiens, listed on NASDAQ and TASE under the ticker SPNS, is a leading provider of InsurTech solutions, delivering innovative platforms designed to streamline insurance processes and enhance operational efficiency. Its software supports insurers in automating workflows, accelerating product development, and improving customer engagement.
Pioneer Insurance and Surety Corporation is a top insurance provider in the Philippines, offering a wide range of general and surety insurance products. The company is committed to digital innovation to maintain its market leadership and provide customers with modern, efficient solutions.
As part of the collaboration, Sapiens will provide Pioneer with its end-to-end insurance platform, enabling the company to automate key processes and improve customer journeys. The partnership also includes a mentorship model, ensuring that Pioneer can independently manage and scale its digital transformation efforts over time.
Lorenzo Chan, president and CEO of Pioneer Inc., the holding company of the Pioneer companies, said, “Sapiens’ comprehensive platform will enable us to accelerate product development, automate workflows, and enhance customer journeys. This partnership underscores our commitment to delivering innovative and relevant insurance solutions to our customers while significantly improving operational efficiency. The mentorship model provided by Sapiens will also ensure self-sufficiency as we embrace this transformative journey.”
Roni Al-Dor, president and CEO of Sapiens, added, “We are proud to partner with Pioneer, a market-leading insurer in the Philippines, and to demonstrate our growth in this important region. Our insurance platform will empower Pioneer to meet their ambitious growth goals while delivering superior customer experiences. By automating and digitising operations, Pioneer is positioning itself as a true innovator in the region’s insurance market.”
FutureVault secures $3m to enhance AI-powered digital vault technology
FutureVault, a provider of AI-powered digital vault solutions, has secured $3m in equity financing, bringing its total funding since inception to $31m.
The latest investment round saw participation from founder and executive chairman G. Scott Paterson, CEO Daniel Kenny, and a mix of existing shareholders and select new investors.
FutureVault specialises in digital vault solutions tailored for financial institutions, wealth enterprises, advisors, and their clients. Its platform leverages AI and large language models (LLMs) to automate, aggregate, and centralise documentation and embedded data. This enables seamless bi-directional integrations with WealthTech providers, allowing real-time data extraction and workflow automation.
The new funding will support FutureVault’s continued innovation, including enhancing its AI capabilities, expanding workflow automation, and further strengthening its Client Life Management Vault™ technology.
Scott Paterson, founder and executive chairman, said, “The aggregation of critical documents into a digital vault, when coupled with AI, is changing the face of financial services, advice delivery, and client engagement.”
Paterson added, “Data has been recognized for two decades as the new “gold” while documentation has been overlooked and considered simply as something that you store, redundantly and safely, until purged in due course. And yet, the reality is that data embedded within documentation is considerably more valuable when compared to stand alone data simply due to the context it provides.”
Vital supervisory practices for off-channel and insider communication in finance
In today’s interconnected financial landscape, the oversight of electronic communications between financial advisors and their clients has never been more critical.
According to Saifr, with the emergence of new communication apps and increased regulatory scrutiny, banks and financial institutions must intensify their supervision efforts to safeguard client interests, ensure compliance, and preserve their reputations.
Off-channel communications are one of the most significant challenges for compliance teams. Any business discussions conducted through personal texts, social media chats, or popular messaging platforms that are not approved by the firm.
The importance of controlling these interactions is underscored by recent enforcement actions. Since December 2021, the Securities and Exchange Commission (SEC) has penalized over 100 firms, imposing fines totalling $2bn for off-channel communication breaches. Similarly, the Commodity Futures Trading Commission (CFTC) has levied over $1bn in fines against 18 financial institutions for related violations.
To mitigate these risks, financial firms are advised to establish clear policies prohibiting unauthorised communication channels, regularly train employees on approved communication protocols, adopt technologies to detect off-channel communications, and develop processes for addressing any violations. These steps are crucial in avoiding significant fines and maintaining efficient supervisory practices.
The detection of insider trading is another area where robust electronic communication review mechanisms are vital. Unintentional or deliberate sharing of non-public information can lead to unfair trading advantages, regulatory breaches, and legal issues.
Financial firms should implement advanced monitoring systems capable of identifying suspicious communications, educate reviewers on the subtle signs of insider information sharing, and continually update their monitoring strategies based on new trends and regulatory guidelines. Early detection of such issues can prevent severe legal consequences and protect a firm’s reputation.
In the financial services industry, gifts and entertainment (G&E) policies are crucial for avoiding conflicts of interest and maintaining high ethical standards. These policies typically restrict the value of gifts and require thorough documentation of any such exchanges.
Effective G&E supervision involves monitoring communications for any mention of gifts or hospitality, ensuring alignment with reported expenses, and verifying that all discussions adhere to the firm’s approval processes. Automation tools, including natural language processing (NLP) and sentiment analysis, are instrumental in overseeing compliance with these policies.
Promptly addressing customer complaints is essential for sustaining client relationships and adhering to regulatory standards. By meticulously reviewing electronic communications, firms can often detect issues that may not have been formally reported.
Financial firms should provide comprehensive training for reviewers to recognize signs of dissatisfaction and establish clear procedures for escalating any discovered issues. Automation can aid in identifying common complaint-related phrases, ensuring quick escalation and resolution.
As the volume and complexity of electronic communications continue to grow, adopting advanced technological solutions is crucial for financial firms. AI-powered tools can analyse vast amounts of data to identify potential risks efficiently. Regular training sessions for staff, updating communication monitoring criteria, and maintaining detailed records of supervisory activities are all essential components of a robust compliance program.
By investing in technology and fostering a compliance-focused corporate culture, firms can effectively manage the challenges posed by modern communication methods.
For financial firms, rigorous supervision of electronic communications is integral to compliance. The management of off-channel communications, insider information violations, G&E policy adherence, and customer complaint detection are fundamental areas where technology can play a significant role.
InsurTech platform CoverForce secures $13m Series A to enhance carrier-agency connectivity
CoverForce, an InsurTech platform focused on enhancing infrastructure and connectivity within the commercial insurance sector, has raised $13m in a Series A funding round.
The funding round was led by Insight Partners, a global software investor, with additional participation from Nyca Partners.
Founded by Cyrus Karai, Behram Dinshaw, and Kaivan Wadia, CoverForce operates a marketplace that facilitates seamless digital interactions between insurance carriers, agencies, and wholesalers. The platform serves as a central hub for quote-and-bind API connections, enabling brokers, wholesalers and agencies to access instant quotes and bind policies with a single click.
CoverForce plans to use the new capital to expand its capabilities, accelerate product innovation, and strengthen relationships with key carriers and distributors. The company is also investing in AI-powered tools to further automate and streamline insurance workflows.
Since its inception, CoverForce has established itself as a key player in the commercial insurance ecosystem, partnering with more than 20 of the largest insurance agency wholesalers and networks across the US. Its platform supports over 9,600 insurance producers and integrates with national carriers including AmTrust, Chubb, Liberty Mutual, and Travelers. CoverForce’s technology supports various lines of commercial insurance, such as workers’ compensation, general liability, business owner’s policies and cyber insurance.
CoverForce CTO and co-founder Kaivan Wadia said, “The insurance market is built on a legacy of paper and PDF a huge issue in a market worth more than $960 billion. CoverForce delivers a unified API infrastructure that decreases the time to integrate from months to weeks, saving our partners millions of dollars in R&D costs.”
CoverForce CEO and co-founder Cyrus Karai said, “We are thrilled to have Insight Partners on board with our Series A. This funding will help us expand our engineering capabilities and build deeper relationships in the market. In particular, we’re seeking to partner with carriers who are empowering their agents with cutting-edge, digital tools essentially those who are making an investment in speed as a key element of winning.”
As part of the investment, Insight Partners vice president Sophie Beshar will join CoverForce’s board of directors.
now including TVG, we are poised to push the boundaries of AI by harnessing the power of trusted data, reinforcing our leadership in this rapidly evolving landscape.”
TVG senior managing director and head of EMEA Avid Larizadeh Duggan said, “Businesses today need to build trusted data foundations to enable AI-enhanced decision making, to drive real world impact. Quantexa is revolutionizing how they do this. At TVG, we invest in high-growth, game-changing companies, led by visionary leaders making a global difference.
“Quantexa’s impressive track record, expanding customer base, and bold approach to data and AI innovation make it a natural fit for our portfolio. We’re excited to support Vishal, and his world-class team scale the company internationally as they continue helping industry-leading organizations embrace AI-driven decision-making with confidence.”
Venn bags $21.5m in Series A to transform Canadian business banking
Venn, the newly rebranded Canadian financial platform formerly known as Vault, has successfully secured $21.5m in Series A funding.
The round was led by Left Lane Capital, featuring contributions from XYZ Venture Capital, Intact Ventures, and Gradient, signalling strong investor confidence in Venn’s mission to transform business banking in Canada.
Founded by former Revolut employees Ahmed Shafik and Saud Aziz, Venn offers a comprehensive suite of financial services, including multi-currency accounts, spend management, transfers, FX services, and accounting automation. This holistic approach aims to replace outdated, rigid banking systems that have long burdened Canadian businesses with high fees and inefficient services.
The newly acquired funds are earmarked for expanding Venn’s product capabilities and broadening their financial services stack, as the company aims to solidify its position as the go-to banking platform for Canadian businesses. Since its launch in 2023, Venn has attracted over 4,000 businesses, demonstrating significant market traction and a clear demand for its innovative solutions.
Additional plans include strategic partnerships with companies such as Sherpa, MedEssist, and Alan, to further penetrate the market and enhance service offerings. This move indicates Venn’s commitment to scaling its operations and adapting to the diverse needs of the Canadian business banking sector.
“Venn can help grow Canadian businesses in a way that legacy banks simply can’t because we’ve built our platform for speed and flexibility to serve all types of businesses from the start,” Co-founder Saud Aziz commented. He further emphasized, “Our product strategy is our core differentiator we’re consolidating financial tools so businesses no longer have to piece together fragmented solutions. We aim to become the default platform for all of Canadian businesses’ banking needs.”
Taktile’s innovative AI decision platform garners $54m from top investors
Taktile, a decision automation platform that is redefining risk management strategies in financial services, has secured $54m in a Series B raise.
The funding was spearheaded by Balderton Capital and saw contributions from existing stakeholders including Index Ventures, Tiger Global, Y Combinator, Prosus Ventures, and Visionaries Club, as well as notable investment from Larry Summers, former US Secretary of the Treasury.
The company, known for its pioneering approach to decision automation, assists fintech companies and financial institutions in optimizing risk management throughout the customer lifecycle. With this new injection of capital, Taktile plans to further empower teams to enhance their risk decision-making capabilities with AI-driven tools.
Taktile’s platform is at the forefront of delivering risk decisions, handling hundreds of millions each month. The fresh funds are earmarked to boost these efforts, equipping business teams with the necessary tools to implement transparent AI-powered risk decisioning systems.
Founded by CEO Maik Taro Wehmeyer and CPTO Maximilian Eber, Taktile has made significant strides in the FinTech industry. In 2024, the company saw its customer base quadruple and achieved a 3.5x increase in ARR, now serving major financial institutions and fintech firms across 24 markets, including Allianz and Rakuten Bank. The platform’s efficiency and impact have not gone unnoticed, as evidenced by its recognition at the 2024 Banking Tech Awards USA and its consistent high ratings on G2.
From AI applications in customer support chatbots to real-time marketing personalization, the use of AI in high-stakes financial services like credit underwriting and fraud prevention is becoming increasingly prevalent. Taktile addresses the critical need for expert guidance in these sectors, where errors can have significant financial repercussions.
“From day one of our journey, we believed that millions of lives could be improved by enabling organizations to make optimal decisions for their customers. By keeping experienced risk experts in control, we make it possible for even the most regulated businesses in financial services to fully adopt AI into high-stakes workflows,” Maik Taro Wehmeyer, CEO & Co-founder of Taktile, explained.
Rob Moffat, General Partner at Balderton Capital, commented on the funding, “The best investments for VCs are when your reaction to the company is ‘of course – why doesn’t this happen already?’. It is crazy that businesses use a plethora of separate tools for different decisions across their business when it is the same customer and data.
“Taktile’s integrated decisioning platform allows businesses to take one consistent view of the customer and easily build, iterate and test complex decision logic. This has won them some of the most sophisticated fintechs as happy clients and is now allowing them to expand into banks and insurers.”
Saifr and Adobe GenStudio forge alliance for compliant FinTech marketing
Saifr has announced its integration with Adobe that aims to redefine compliant content creation within the financial services industry.
As part of the Adobe Experience Cloud as an Adobe Technology Partner, Saifr provides advanced AI compliance solutions that serve as a compliance guardrail for generative AI content, helping users manage their risk and enhance the speed to market of their content.
The reason for the partnership is to leverage Saifr’s AI technology within Adobe’s platform to streamline the creation of compliant content, particularly in the highly regulated financial services sector. This integration aims to enable marketers to use generative AI safely and in accordance with regulatory guidelines.
Saifr specialises in AI-driven compliance solutions that monitor and guide the creation of digital content in line with regulatory standards. Their tools act like a spell-check for compliance, detecting potential risks and suggesting amendments that align with guidelines from regulatory bodies like FINRA and the SEC.
Adobe offers a range of digital marketing and media solutions. Their GenStudio for Performance Marketing provides tools for marketers to create, manage, and optimise their content effectively across various digital platforms.
The integration enhances Saifr’s presence within Adobe’s ecosystem, expanding their reach and capabilities in the digital marketing space. It follows a previous collaboration where Saifr AI models were included in the Microsoft Azure AI Foundry model catalogue.
Saifr’s Retail Marketing Compliance and Suggested Language models are now accessible within Adobe GenStudio, allowing for an in-tool compliance review that aligns with the needs of financial marketers and complies with stringent industry regulations.
“Marketers are increasingly using generative AI in their work, which can introduce business risk, particularly in regulated industries, such as financial services,” Saifr CEO Vall Herard said. “Saifr’s integration with Adobe enables marketers to take advantage of a powerful new technology’s outputs in a way that prioritizes safety and can help facilitate compliance with regulatory guidelines.”
“Microsoft is committed to empowering organisations through industry-specific solutions that address their unique needs,” Microsoft Corporate Vice President Satish Thomas said. “Our collaboration with leading industry partners, such as Saifr, to offer partner-enabled adapted AI models in the Azure AI Foundry model catalogue gives organisations the ability to access, build and deploy AI solutions quickly and efficiently. This approach accelerates time-to-value and fosters a robust ecosystem of innovation that helps organisations across industries transform their operations and achieve new levels of success.”
PIMFA and Morningstar launch AI Tech Sprint to transform wealth management
PIMFA WealthTech, the innovation arm of the Personal Investment Management & Financial Advice Association (PIMFA), has partnered with Morningstar to launch a new AI-focused Tech Sprint, aimed at solving key operational challenges in the wealth management sector.
The competition offers FinTech firms the opportunity to present their AI solutions at the Morningstar Investment Conference UK, taking place on 7 May 2025.
As generative artificial intelligence continues to reshape the financial landscape, wealth and financial advice firms face growing pressure to integrate AI effectively. Yet challenges remain around access to high-quality data, rigorous evaluation frameworks, and seamless integration with existing systems. The Tech Sprint has been designed to address these barriers while accelerating innovation in the sector.
This year’s sprint poses a central question to participating FinTechs: how can AI be used to enhance operational efficiency by streamlining processes across front, middle, and back-office functions in wealth and financial advice firms?
Participants are encouraged to explore several high-impact use cases. These include AI-powered onboarding and KYC checks that automate identity verification and fraud detection, improved compliance through automated suitability reviews, hyper-personalised client reporting, and even the automation of entire software development cycles.
To support their development, FinTechs taking part will receive access to Morningstar’s Intelligence Engine. This advanced platform enables the end-to-end development of generative AI applications, offering a robust suite of evaluation metrics, integration tools, and direct access to Morningstar’s vast data sets. External data sources can also be added through API and direct storage connections.
PIMFA WealthTech outgoing chair and Evelyn Partners group chief operations officer Mayank Prakash said, “PIMFA WealthTech was created to be at the forefront of innovative thinking around tech solutions that can open up substantial opportunity for our industry. As Chair of the advisory council, I can think of no better example of this than the Tech Sprint we are launching today on AI.
“AI is undoubtably not only a major change moment in the wealth and advice space, but globally as well, impacting all of our lives. This sprint will give fintechs the opportunity to leverage Morningstar’s specialist data and analytics to delve into use cases, exploring opportunities for innovation that could bring meaningful improvements to the client journey by increasing adviser productivity and reducing end-to-end costs. I greatly look forward to seeing the entries to this Tech Sprint and sharing these fascinating insights with the wider community”.
NatWest and OpenAI join forces to transform banking with cutting-edge AI
NatWest and OpenAI have entered into a partnership aimed at driving substantial transformations within NatWest through advanced AI technologies.
NatWest, known for its comprehensive banking services, seeks to enhance its operational efficiency and customer service through this strategic collaboration. OpenAI, acclaimed for its groundbreaking work in generative AI, brings a wealth of technological expertise and innovative solutions to the table.
The primary motivation behind this collaboration is to streamline and simplify banking processes at NatWest, enhancing customer service across all its divisions. By integrating OpenAI’s advanced AI tools, NatWest aims to meet customer needs more swiftly and effectively, ensuring a seamless banking experience.
NatWest has been at the forefront of incorporating AI in banking, with successful tools like Cora+ and AskArchie+ enhancing customer interactions. OpenAI excels in creating powerful AI solutions that can transform industries. This partnership will focus on further developing digital assistant services to support complex customer tasks such as fraud identification and financial management.
The collaboration also promises to bring new advancements in AI that could revolutionize how NatWest supports its retail, commercial, and wealth management customers. For instance, the partnership aims to refine tools for fraud prevention and improve complaint handling, significantly boosting productivity and customer satisfaction.
Scott Marcar, Chief Information Officer at NatWest Group, emphasized the bank’s commitment to simplification and innovation. “With the needs of customers evolving at an extraordinary pace, it’s our role to be a trusted partner and meet their expectations faster and more effectively than ever before,” he said.
Angela Byrne, CEO of Retail Banking at NatWest Group, also highlighted the digital transformation, “Around 80% of our retail customers bank with us entirely digitally, which is why continually innovating to deliver the best digital experience possible is a non-negotiable,” she stated. The partnership with OpenAI is set to enhance these digital interactions further and provide superior protection against fraud and financial crime.
Giancarlo Lionetti, Chief Commercial Officer at OpenAI, commented on the collaboration, “This wide-scale collaboration with NatWest underscores its commitment to deliver industry-leading digital banking experiences. The first wave of activities will deliver tangible benefits to both NatWest’s customers and employees, while our ongoing work together paves the way for future AI banking innovations.”
With approximately 275 AI projects under exploration and around 25 use cases already in production, the collaboration has significantly improved customer satisfaction and operational efficiency within NatWest, showcasing the powerful impact of GenAI in banking.
Kennedys IQ launches InsurTech’s first neuro-symbolic AI solution for global insurance market
Kennedys IQ, the client-facing technology division of global law firm Kennedys, has introduced SmartRisk, the first fully explainable neuro-symbolic AI risk analysis solution for the insurance sector.
This latest addition to its data-driven IQ Platform aims to revolutionise policy review, liability, and coverage analysis by enhancing decision-making speed, accuracy, and consistency.
The launch of SmartRisk comes in response to increasing industry demand for AI-driven automation in risk analysis and underwriting.
Insurers face ongoing challenges with complex policy wording, inconsistent claims handling, and human error. Many current AI solutions, including generative AI chatbots, lack auditability, making them unsuitable for risk assessment. Kennedys IQ developed SmartRisk to bridge this gap by ensuring transparency and regulatory compliance.
Kennedys IQ provides data-powered technology solutions for insurers, brokers, and claims professionals worldwide.
Leveraging a combination of legal expertise and advanced AI, the company develops tools that streamline processes, enhance decision-making, and improve operational efficiency across the global insurance market.
SmartRisk differentiates itself by combining Large Language Models (LLMs) with insurance-specific knowledge, modelled using Evidential Reasoning (ER) and Belief Rule Base (BRB) methodologies. Unlike traditional generative AI, which relies purely on probabilistic outputs, SmartRisk offers a structured, fully auditable decision-making framework. This approach mitigates concerns around AI’s ‘black-box’ opacity while ensuring reliable and explainable results. The solution does not require extensive upfront data and can integrate seamlessly with insurers’ existing systems within weeks.
Designed for claims professionals, brokers, and underwriters across global insurance markets—including the London Market, specialty and general insurance in the UK, Europe, North America, LATAM, and APAC—SmartRisk enables insurers to automate risk assessments, enhance claims governance, extract critical data from complex documents (including handwritten notes), and reduce inconsistencies in decision-making.
SmartRisk has been developed by Kennedys IQ’s R&D team in collaboration with the University of Manchester and legal experts from Kennedys across multiple jurisdictions. This collaboration has helped create an AI model that effectively combines rule-based logic, deep reasoning, and explainable machine intelligence, making it well-suited for insurance applications requiring high levels of precision and transparency.
Initial pilots of SmartRisk have received positive feedback from leading insurers, with users highlighting the tool’s ability to reduce errors, eliminate inconsistencies in professional judgement, and significantly enhance operational efficiency.
Kennedys IQ chief product officer Karim Derrick said, “SmartRisk is built for the industry, by the industry. This is not just AI for the sake of AI – it’s about giving insurers real, explainable insights that reduce risk and improve efficiency.”
Derrick added, “There is a growing demand for AI-driven automation in insurance, particularly within specialty and complex risk underwriting. Policy wording analysis and claims handling are complex, inconsistent, and prone to human error, and GenAI chatbots today lack auditability, making them unsuitable for insurance risk assessment.
“Our interest is helping clients identify, manage and mitigate risk through the SmartRisk tool which can fill this gap to ensure transparency in decision making and regulatory compliance. In doing so, it eliminates the ‘black box’ concern around other AI models, while improving efficiency, minimising human error and providing insurers and brokers with deeper data-driven insights. Kennedys IQ’s SmartRisk frees up insurance professionals to focus on high-value decision-making while maintaining full control over risk analysis.”
Kennedys partner Neil Mody added, “The SmartRisk U.S. model is designed to help insurance adjusters navigate complex regulatory frameworks, including New York Insurance Law 3420. By mirroring the proprietary coverage evaluation process honed by seasoned professionals over decades, SmartRisk enables adjusters to reliably pinpoint key coverage issues, and make well-informed decisions. SmartRisk empowers adjusters by streamlining claim reviews while reducing high-frequency, high-risk human errors that cost insurance companies millions annually.”
Kennedys partner Richard West, head of client innovation and director of Kennedys IQ, said, “SmartRisk is devastatingly trustworthy and our proprietary response to the AI revolution. Built on our deep professional insights, it seamlessly integrates specialist judgement with cutting-edge technology. It is transparent, explicable, and designed to protect our clients’ and their customers’ reputations. We encapsulate professional integrity at the heart of Kennedys IQ SmartRisk.”
Crossmint secures $23.6m to simplify blockchain for businesses and AI agents
Crossmint, an all-in-one blockchain platform for businesses, has secured $23.6m in a funding round led by Ribbit Capital.
Other investors include Franklin Templeton, Nyca, First Round, and Lightspeed Faction. The investment follows a year of rapid growth, with Crossmint’s subscription revenue surging by 1,100% in 2024.
The company provides businesses with tools to develop blockchain applications using minimal code. Its platform enables companies to integrate wallets, tokenization, payments, and onramps without requiring blockchain expertise or digital asset holdings.
Consumers can engage with blockchain-based services using traditional methods like Face ID and email sign-ups while avoiding gas fees and other technical barriers.
Over 40,000 companies and developers, including global brands like Adidas and Red Bull, already use the platform. Businesses across various sectors are leveraging Crossmint to integrate stablecoins, enhance supply chain transparency, and develop interoperable rewards programmes. Additionally, startups are using the platform to accelerate the creation of blockchain applications.
Crossmint co-founder Alfonso Gomez-Jordana said, “AI agents are reshaping commerce. Soon, they will autonomously manage tasks like grocery shopping or personal styling. Traditional payment systems weren’t designed for AI agents—but blockchain is. Crossmint is building the infrastructure to support this next evolution.”
Ribbit Capital partner Zack Rosen highlighted Crossmint’s impact, stating, “Crossmint has demonstrated its ability to unlock new revenue streams and drive cost efficiencies for major brands while building the financial infrastructure for the next generation of AI-powered applications. We are excited to support Crossmint as they continue enabling enterprises and developers to innovate onchain.”
Nexi enhances contactless payments with Tap to Pay on iPhone in Switzerland and Finland
Nexi, a leading European PayTech, has expanded its Tap to Pay on iPhone functionality to merchants in Switzerland and Finland.
The company, which specialises in digital payment solutions, previously introduced the service in Italy, Germany, Austria, and Sweden, according to FF News.
The expansion aims to provide merchants with a seamless and secure method to accept in-person contactless payments.
By eliminating the need for additional hardware or payment terminals, Nexi is making digital transactions more accessible to businesses of all sizes, especially small merchants.
Nexi offers a range of digital payment solutions across Europe, providing businesses with secure and efficient transaction methods.
With a focus on innovation, the company continues to enhance payment experiences through its SoftPOS technology and mobile-based solutions.
Tap to Pay on iPhone enables merchants to accept various forms of contactless payments, including credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone. The functionality is integrated into the Nexi SoftPOS feature within the MyPayments app, offering a convenient and cost-effective alternative to traditional payment terminals.
The service is particularly beneficial for small businesses, such as takeaways, taxis, and independent service providers, where mobility and ease of use are essential. With real-time transaction management and digital receipt options, Nexi’s SoftPOS solution provides enhanced flexibility for merchants.
Nexi has confirmed plans to continue expanding the availability of Tap to Pay on iPhone to more customers across Europe. The company is committed to driving digital payment adoption and increasing accessibility for businesses in various markets.
Suvi Ruoppa, country general manager of Nets Finland, part of Nexi Group, said, “The activation of Nexi SoftPOS on iPhone in Finland and Switzerland enables more merchants to offer customers enhanced flexibility and choice at the point of sale. This creates an easier and more convenient shopping experience for consumers, creating additional revenue opportunities for businesses of all sizes.”
David Emmanuel Gebhardt, country general manager of Nexi Switzerland, said, “With Nexi SoftPOS on iPhone, we are providing a simple and cost-effective payment solution for small businesses in Switzerland—especially for those who have not accepted card payments before. This is particularly beneficial for merchants such as take-aways, taxis, and independent service providers, where mobility and ease of use is key. By eliminating the need for additional hardware, we are making it easier than ever for merchants to accept contactless payments.”
EquiLend boosts securities finance technology with BNY investment
EquiLend has secured a minority investment from an affiliate of The Bank of New York Mellon Corporation (BNY).
This investment underscores BNY’s commitment to EquiLend’s mission and its innovative technological solutions.
BNY, along with eight other significant financial institutions, has invested in EquiLend to support the firm’s push for greater innovation and efficiency across the securities finance sector. This group of investors will also advise on the development of EquiLend’s solutions, ensuring that the company continues to meet the evolving needs of the industry.
At the core of what EquiLend does is its development of cutting-edge platforms designed to streamline operations and reduce inefficiencies within the securities finance market. A highlight of this innovation is the 1Source solution, a platform set to revolutionise the industry by providing a single source of truth for securities finance transactions through smart contracts on a distributed ledger (DLT).
The funds from this investment will be used to advance the development of 1Source and other projects aimed at enhancing transparency and setting new operational standards across the global market. By leveraging smart technology and DLT, EquiLend is positioned to lead a transformation in market infrastructure, focusing on efficiency and transparency.
Additional information about this partnership includes BNY’s new role among the initial users of the 1Source platform. This involvement highlights BNY’s active participation and support for EquiLend’s long-term strategic innovations.
“BNY has been a strong partner of EquiLend’s since shortly after the company’s founding over 20 years ago. This investment brings added advisory leaders and underscores the commitment to our products and transformative potential of our long-term strategy,” EquiLend CEO Rich Grossi said.
Head of Securities Finance at BNY, Nehal Udeshi, added, “This investment reflects our confidence in EquiLend’s ability to tackle the industry’s biggest challenges with innovative solutions that drive greater efficiency. We are confident in EquiLend’s central role in the marketplace and plans to further redefine securities finance with innovative market infrastructure.”
Digital wallet firm Curve secures £37m to accelerate growth and launch Curve Pay
Curve, a digital wallet provider known for its innovative approach to payment management, has raised £37m in a funding round led by Hanaco Ventures.
Existing investors, including Fuel Ventures, IDC, Outward VC, and Lord Stanley Fink, also participated in the round.
The fresh capital injection is set to support Curve’s strategic growth, with a strong emphasis on achieving profitability and launching new products in 2025. Among its key developments, the company is preparing to introduce Curve Pay, a digital wallet alternative for both Android and iOS users. The investment will also bolster Curve’s market expansion, infrastructure improvements, and customer experience enhancements.
Curve offers a digital wallet solution that consolidates multiple payment cards into a single platform, allowing users to manage their spending more efficiently. The wallet integrates features such as cashback rewards, real-time spending insights, and fee-free foreign transactions. Additionally, its unique ‘Go Back in Time®’ function enables customers to move past transactions between cards, aiding in cash flow management.
Curve founder and CEO Shachar Bialick said, “This latest investment reflects the confidence in Curve’s vision to redefine the digital wallet space. The Wallet Wars are here, and the only available solutions for customers to date are simple wallets which do nothing more than let you pay with your card.
“Curve is the only wallet that adds superpowers to your money; avoid Fx fees from any linked card, split old purchases into installments, earn cashback on top of any card and more. We see issuers looking to enter the market, and networks introducing innovative products such as Visa Flex and MasterCard One Credentials. This investment would allow us to invest further in our customer experience, bring new partnerships, and accelerate our path to profitability.”
Tomer Jacob of Hanaco Ventures praised Curve’s innovation, stating, “Curve reimagined the digital wallet delivering a one-of-a-kind financial experience that simplifies and supercharges how you pay and manage your money – all without changing your bank. The Curve team has proven to be resilient and innovative, and we are excited to support Curve as it continues to grow, bringing more choice and flexibility to the digital wallet market, and to its millions of users.”