Lloyds Banking Group and Nationwide have participated in an £11 million Series A funding round for Scottish AI fintech Aveni.
The funding is led by Puma Private Equity, with additional contributions from Par Equity. Aveni specializes in developing AI products tailored to streamline workflows within the financial services sector, focusing on document and meeting analysis across various operational functions, particularly in financial advisory services and compliance with consumer duty regulations.
The investment will support the creation of a new product, FinLLM, a large language model specifically designed for the financial sector, in collaboration with Lloyds and Nationwide.
Joseph Twigg, CEO of Aveni, emphasizes the need for AI models that prioritize transparency, trust, and accuracy within the financial services industry rather than models that focus on general knowledge. He states, “The objective with FinLLM is to set a new standard for the controlled, responsible, and ethical adoption of Generative AI, outperforming all other generic models across our selected financial service use cases.”
Robin Scher, head of fintech investments at Lloyds Banking Group, views the development program as a significant opportunity for the financial services industry to enhance operations and improve customer experience. He adds, "We are keen to support Aveni’s growth as we invest in their vision to develop the FinLLM alongside partners. Our collaboration aims to establish Aveni as a frontrunner in the industry’s adoption of AI while maintaining a focus on responsible usage and customer-centricity.”
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