FairPlay, a company seeking to reduce algorithmic bias in lending, has scored $10m in Series A funding.
The round was headed by Nyca Partners and saw participation from Cross River Digital Ventures, Third Prime, Financial Venture Studio, TTV Nevcaut Ventures and Jonathan Weiner.
FairPlay describes itself as a ‘fairness-as-a-service’ provider for algorithmic decision-making. The company help companies embed fairness considerations into their automated decision-making systems and reduce algorithmic bias.
The firm is aiming to address the bias faced by people of colour, women and other disadvantaged groups when it comes to credit decisions.
FairPlay will use the funding to strengthen the company’s engineering and data science teams and expand its products into the insurance, marketing and fraud industries.
FairPlay CEO Kareem Saleh said, “Lenders use FairPlay because they believe, as we do, that fairness is good for people, profits, and progress. We are excited to use this new funding to further invest in our products, grow our team and bring Fairness-as-a-Service to new markets.”
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