JPMorgan Chase joins a $10 million investment round in FairPlay, a “Fairness-as-a-Service” company using AI to reduce algorithmic bias in lending.
Highlights
- JPMorgan Chase has invested in FairPlay, a company focused on reducing algorithmic bias in lending through AI.
- FairPlay’s tools help companies identify and correct blind spots in their decision-making systems.
- The investment aims to enhance financial inclusion and improve financial health outcomes for historically disadvantaged groups.
Summary
JPMorgan Chase has joined a $10 million investment round in FairPlay, a “Fairness-as-a-Service” company that uses AI techniques to reduce algorithmic bias in lending. FairPlay’s tools are designed to help companies identify and correct blind spots in their decision-making systems, ensuring fairer outcomes for people of color, women, and other historically disadvantaged groups.
The investment is part of JPMorgan Chase’s commitment to promoting financial inclusion and improving financial health outcomes for consumers. FairPlay has seen a threefold increase in business in 2024, demonstrating the growing demand for its AI fairness solutions. This investment will accelerate FairPlay’s mission to build fairness infrastructure for the internet and create greater safety for all consumers in the race to AI adoption.
