JPMorgan Chase has joined a $10 million investment round in FairPlay, a "Fairness-as-a-Service" company using AI fairness techniques to reduce algorithmic bias in lending.
Infinity Ventures and Nyca Partners have also invested in FairPlay, which saw a threefold increase in business in 2024.
FairPlay's tools are designed to help companies using AI to correct blind spots in their decisioning systems, reducing algorithmic bias for people of colour, women, and other historically disadvantaged groups.
Founded in 2020, the startup says FairPlay customers find that the product increases revenue, enables them to stay compliant with regulations, and improves financial health outcomes for consumers.
"FairPlay has built an impressive set of products to help its customers evaluate their models, broaden credit access, and strengthen the financial services ecosystem so that institutions of all sizes can adopt responsible AI practices," says Shuman Chakrabarty, head, impact finance and advisory, JPMorganChase.