UK high street bank Lloyds has invested £2 million in AI-based corporate banking platform for financial institutions and corporates, Fennech.
Fennech uses AI, machine learning and business rules with cloud-based technology, to automate businesses’ finance, treasury, and payments processes in real-time.
Its autonomous platform acts as a bridge between businesses and the banking industry, giving customers access to a single, seamless platform that automates and manage their accounts, payments, funding, and liquidity across numerous banking partners.
Kirsty Rutter, director, fintech investments, Lloyds, says: “Our investment in Fennech forms part of our commitment to supporting the fintech ecosystem in the UK and expanding our client capabilities through the use of cutting-edge technology.
“Fennech’s approach to helping businesses simplify complex processes is incredibly innovative, and we’re excited about how their business and solutions will evolve to meet the needs of our corporate and institutional banking clients in the future.”