Top US-Based FinTechs Making a Difference Through Artificial Intelligence

July 6, 2021

One of the two task forces announced to be formed by the US House Committee on financial services will be investigating the use of artificial intelligence technologies (AI) for FinTech. The focus of the task force will be to examine digital identification technologies using AI to reduce fraud. It will also look into issues such as regulating ML in the financial services industry, risks associated with algorithms & big data, and the impact of automation on jobs and the economy in the US. AI has been one of the hottest technologies used by emerging FinTech players. It is used in automation, social media analytics & intelligence tools, cybersecurity, fraud prevention, and other areas. The use of AI in global banking is estimated to grow from a $41.1 billion business to $300 billion by 2030. There is a long list of US-based FinTech companies leveraging AI, which are at the forefront of this growth story. Here is a list of 21 such exciting startups well-known for their AI tech:

  1. Dataminr was founded in 2009 and has raised $577 million in total funding. Dataminr develops modular desktop and API products that provide custom signal creation, integration of data sets, and back-testing services. Dataminr transforms real-time data from Twitter and other public sources into actionable signals, identifying the most relevant information in real time for finance, public sector, news, security, and crisis management clients.
  1. Automation Anywhere was founded in 2003 and has raised $550 million in total funding. The company offers an AI/ML-leveraged cognitive Robotic Process Automation (RPA) & digital workforce platform for banks and financial institutions, enabling them to automate repetitive business processes and avail security as well as centralized control services.
  2. ThoughtSpot was founded in 2012 and has raised $306 million in total funding. ThoughtSpot offers an AI-powered search and analytics platform for enterprises. The platform analyzes complex, large-scale enterprise data and provides insights with a single click. It provides analytics solutions to retail, communication, healthcare & life science, financial services, and manufacturing sectors.
  3. Fractal Analytics was founded in 2000. It has raised $325 million in total funding. Fractal Analytics offers predictive analytics and scoring solutions for financial services, consumer products, retail, and telecom sectors.
  4. DataRobot was founded in 2012 and has raised $225 million in total funding. DataRobot provides a machine learning-based platform for predictive analysis, which helps data scientists gain insights for various industries like insurance companies, banks, healthcare, FinTech, and other businesses. DataRobot's platform can be used to build and deploy highly accurate machine learning models across business functions. DataRobot builds, tests, and refines hundreds of models to help data scientists find the ones best suited for their data. The investigation is transparent, allowing users to trace and verify the validity of its results. Users can also code, train, test, and compare their own models on the platform. DataRobot also finds key drivers in business metrics, identifies keywords & phrases within unstructured text, and showcases the findings through basic visualization.
  5. was founded in 2007 and has raised $173 million in total funding. Sentient’s mission is transforming how businesses tackle their most complex, mission-critical problems by enabling them to make take faster decisions. Sentient’s tech has patented evolutionary and perceptual capabilities that will supply customers with highly sophisticated solutions powered by the largest computer infrastructure dedicated to distributed AI.
  6. Trifacta was founded in 2012 and has raised $124 million in total funding. Trifacta offers a data analytics platform that is designed to give non-technical people the ability to turn raw data into an actionable format, whether for immediate insights or use in analysis tools. It helps businesses to structure and analyze data that is generated in their networks through different actions like customer interactions, risk analysis, etc. It leverages big data analytics and artificial intelligence to organize large volumes of data and provide insights. It has won many awards for the platform, but recently, it won the ‘Top End User Data Preparation Vendor’ award in 2017.
  7. Reltio was founded in 2011 and has raised $117 million in total funding. Reltio offers a cloud-based, self-learning data platform that organizes enterprise data for continuous self-learning. The platform holds all of the organization’s data and then utilizes data & analytics to their business operations.
  8. Sift Science was founded in 2011 and has raised $107 million in total funding. Sift Science is an automated fraud detection platform that helps e-commerce businesses with online fraud transactions. Sift Science employs machine learning, device fingerprinting, and email analysis techniques to learn & continuously adapt to fraud patterns in real time and sends a score to the customer.
  9. Ayasdi was founded in 2008 and has raised $106.4 million in total funding. Ayasdi helps companies to use AI and big data to make employees productive. Its machine intelligence platform leverages automation, machine learning, and topological data analysis to simplify the extraction of knowledge from complex data sets and to facilitate the deployment of intelligent, AI-based applications across the enterprise.
  10. Digital Reasoning was founded in 2000 and has raised $103 million in total funding. Digital Reasoning Systems, Inc. builds data analytic solutions for processing and organizing unstructured data into meaningful data automatically.
  11. Attivio was founded in 2007 and has raised $102 million in total funding. Attivio is a cognitive search and insights platform for enterprises that helps them to make better decisions from the data information. The company offers the Active Intelligence Engine that connects all types of data and delivers it in a single view, revealing the hidden relationships, insights, and intelligence that allows customers to make business decisions.
  12. Zilliant was founded in 1999 and has raised $92.4 million in total funding. Zilliant is an AI-based price optimization and price management platform for manufacturing, distribution, high-tech, and industrial service companies. It enables B2B companies to grow shares and profits while maximizing customer lifetime value.
  13. Conversica was founded in 2007 and has raised $87 million in total funding. Conversica provides an AI-driven lead engagement software for marketing and sales organizations for companies to find and secure customers by automatically contacting, engaging, qualifying, and following up with leads via natural, two-way email conversations.
  14. Orbital Insight was founded in 2013 and has raised $78.7 million in total funding. Orbital Insight develops a geoanalytics platform for ingesting, processing, classifying, and analyzing various types of geospatial data for business, government, and nonprofit organizations. It analyzes imagery from satellites, drones, and other UAVs to gain meaningful insight into global trends by using machine learning.
  15. was founded in 2012 and has raised $75 million in total funding. offers an easily integrated AI platform for enterprises, which enables data analytics and data visualization for detecting money-laundering activities & payment fraud on a real-time basis for transactions; it also performs speech recognition and NLP for customer service to help funnel customers to the most appropriate customer service channel.
  16. MoneyLion was founded in 2013. It raised $67 million in total funding. MoneyLion is a technology-enabled lending institution focused on helping all consumers gain access to credit. The company uses machine learning-based algorithms and big-data analytics to provide better loans at affordable rates.
  17. Cogito Corporation was founded in 2007. It has raised $72 million in total funding. Cogito Corporation offers real-time customer engagement. It provides an objective and reliable measure of quality on 100% of selected phone interactions a company has with its customers.
  18. Cylance was founded in 2012 and was acquired by Blackberry in November 2018. Cylance is an endpoint security technology that detects and blocks viruses, malware, and spyware through machine learning algorithms.
  19. ZestFinance was founded in 2009. It has raised $62 million in total funding. ZestFinance develops big data underwriting technologies to give lenders a better understanding of risk. They have reinvented underwriting, enabling more accurate credit decisions, increased credit availability for borrowers, and higher repayment rates for lenders. ZestFinance’s technology identifies good borrowers in the near-prime credit segment where traditional credit scores indicate lower credit quality, giving the company’s BASIX loans the ability to serve borrowers overlooked by banks.

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