JP Morgan Chase has joined a $10m investment in FairPlay as demand for the company’s AI safety solutions continues to grow.
FairPlay, the world’s first Fairness-as-a-Service company, helps organisations using AI tools to make high-stakes decisions about consumers’ lives by identifying and correcting blind spots in their decision-making systems.
Financial institutions have been early adopters of AI, primarily using the technology to enhance customer experiences and prevent fraud. In a letter to shareholders last year, JP Morgan Chase CEO Jamie Dimon acknowledged that AI is “increasingly driving real business value.”
Recently, however, the conversation around AI has shifted from use cases to safety, with JP Morgan Chase recognising significant opportunities in FairPlay’s approach, leadership, and vision as financial institutions rapidly scale their AI adoption.
Shuman Chakrabarty, Head of Impact Finance and Advisory at JP Morgan Chase, said: “FairPlay has built an impressive set of products to help its customers evaluate their models, broaden credit access, and strengthen the financial services ecosystem so that institutions of all sizes can adopt responsible AI practices.”
The $10m investment comes after FairPlay enjoyed a threefold increase in business in 2024, with this additional money set to accelerate its mission of building fairness infrastructure for the Internet, thereby creating greater safety for all consumers in today’s race to AI adoption.
Kareem Saleh, CEO of FairPlay, stated: “This investment from a leading group of investors and financial institutions underscores the growing importance of AI safety in the banking and insurance sectors.
“We’re thrilled to have the support of such prestigious investors as we enter our next phase of growth. This funding not only validates our mission but also enables us to help more lenders and insurers make decisions that benefit their businesses and their customers.”
JP Morgan Chase was joined in the funding by Infinity Ventures. Jay Ganatra, partner at Infinity Ventures, highlighted the presence of “top banks and Fortune 500 companies” using FairPlay as a key reason for its investment.
Nyca, which led FairPlay’s Series A, also participated in this round. Jeremy Solomon, partner at Nyca, commented: “As early investors in FairPlay, we’ve watched the company consistently execute on its vision. Their impressive growth validates our long-standing conviction in both their mission and their ability to deliver pioneering AI solutions to the market.”
