5 AI-driven FinTech firms supporting consumers, businesses in Europe

By Gloria Methri

The FinTech industry has been revolutionised by the integration of artificial intelligence (AI) in recent years. Start-ups are leveraging AI to improve efficiency, enhance customer experience, and mitigate risk in the financial sector.

For instance, AI-powered chatbots can handle customer inquiries 24/7, reducing the need for human customer support, and saving costs. Fraud detection and prevention systems powered by AI can analyse large amounts of data and identify anomalies that may indicate fraudulent behaviour.

In Europe, start-ups across the continent are turning to Big Data and machine learning techniques to answer challenges as diverse as the FinTech ecosystem itself.

With the global market for AI in FinTech expected to be worth $54 billion by 2032, let’s look at five startups that are paving the way in Europe.

• Bud Financial

Founded in 2015, Bud began life as an education platform. Now, Bud is a platform used by global companies to harness the power of data intelligence and to make life better for their customers. It is well-established in the Open Banking space, and its platform and new data sources allow consumers to access affordable and appropriate lending products, especially for those who might otherwise have trouble accessing credit.

• CollectAI

Founded in 2016, CollectAI is a FinTech start-up from Germany that offers a digital, AI- driven payment and debt collection software platform to manage accounts receivables. The end-to-end process of e-invoicing, payment reminder mechanisms, and debt collection processes help companies to balance recovery rates, costs, and customer retention. The company claims it has more than €40 million in receivables under management.

• OakNorth

Launched in 2015, OakNorth is a digital-focused challenger bank in the UK. It is the developer of an AI-powered platform called ON Credit Intelligence, which leverages process excellence, machine learning, and technology to drive data-driven decision-making across the loan lifecycle to help automate banking services. ON Credit Intelligence pulls in hundreds of data points on whatever industry the loan is to be applied in to analyse the credit risk.

• Sentifi 

Founded in 2012, Sentifi is a Swiss FinTech company that uses AI and machine learning to enable investors and other financial market stakeholders to tap into the online available intelligence of millions of persons and organizations. The platform allows financial analysts, portfolio managers, journalists, and other market participants to monitor the market and receive different signals not available in classical financial information systems. The technology also detects risk events that impact global financial markets and assets.

• SESAMm

SESAMm enables companies to extract critical insights from the internet with AI. We provide ESG, sentiment, and thematic analytics by analyzing over 20 billion articles and messages using natural language processing. Our clients are major private equity firms, asset managers, index providers, and global corporations.

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