JP Morgan is investing in a new AI-focused venture from Tifin, an umbrella group operating a host of wealth management fintech businesses.
Tifin.AI builds on Tifin Studios, which created five companies between 2018 and 2021, including 55ip, which was acquired by JP Morgan.
Already a Tifin investor, JP Morgan is now backing Tifin AI as it bids to develop the second cohort of AI-powered fintech wealth management outfits. The venture is eying the use of AI capabilities for things like client portfolio insights for advisors, alternative investing, wealth management in the workplace, and insurance.
Tifin claims it has refined a template for repeatable innovation, one that bolsters efficiency and leads to shorter time-to-market.
Vinay Nair, COE, Tifin, says: “The Studios model is deeply ingrained in our DNA and we are proud to have built a platform to help accelerate the future."
Ted Dimig, global head, wealth management, advisory solutions, JP Morgan, says: “JP Morgan and Tifin’s collaboration underscores our shared commitment to innovation, and shared belief that AI will not only reshape the financial services landscape, but accelerate the next era of innovation and efficiency.”