JPMorgan Chase has participated in a $10 million investment round for FairPlay, a “Fairness-as-a-Service” company that leverages AI fairness techniques to minimize algorithmic bias in lending.
Infinity Ventures and Nyca Partners have also joined this funding round, which coincides with FairPlay’s impressive threefold growth in business in 2024.
The company’s tools are designed to assist organizations in using AI to identify and rectify blind spots within their decision-making processes, thereby reducing algorithmic bias impacting people of color, women, and other historically marginalized groups.
Founded in 2020, FairPlay reports that its clients experience increased revenue, enhanced regulatory compliance, and improved financial health outcomes for consumers. Shuman Chakrabarty, head of impact finance and advisory at JPMorgan Chase, praised FairPlay’s product suite, noting its ability to help customers evaluate their models, broaden access to credit, and strengthen the financial services ecosystem to encourage the adoption of responsible AI practices by institutions of all sizes.