FairPlay, a trailblazer in Fairness-as-a-Service, has secured a $10 million investment to further its mission of promoting fairness in AI-driven financial decisions. The funding round was led by Infinity Ventures, with significant participation from JPMorgan Chase and Nyca Partners. This infusion of capital comes on the heels of a remarkable year for FairPlay, which reported a threefold increase in business in 2024, highlighting the growing demand for AI safety solutions.
Founded in 2020 by Kareem Saleh and John Merrill, Ph.D., FairPlay offers tools that help companies using AI to make high-stakes decisions about consumers’ lives identify and correct blind spots in their decision systems. Their solutions enable financial institutions to increase revenue, maintain regulatory compliance, and improve financial health outcomes for consumers.
Infinity Ventures, known for its expertise in scaling innovative financial technologies, recognized FairPlay’s potential early on. “FairPlay’s innovative fairness-as-a-service approach has demonstrated remarkable traction in the market,” said Jay Ganatra, partner at Infinity Ventures. “We’ve been particularly impressed by the caliber of institutions adopting FairPlay, including several of the top banks and Fortune 500 companies, because of its robustness and ability to deliver results faster.”
JPMorgan Chase’s Impact Finance & Advisory team also saw significant opportunities in FairPlay’s approach, leadership, and vision as financial institutions rapidly adopt AI at scale. “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,” stated Shuman Chakrabarty, Head of Impact Finance & Advisory at JPMorgan Chase.
Nyca Partners, which led FairPlay’s Series A, reaffirmed their confidence by participating in this funding round. “As early investors in FairPlay, we’ve watched the company consistently execute on its vision,” said Jeremy Solomon, partner at Nyca. “Their impressive growth validates our long-standing conviction in both their mission and their ability to deliver pioneering AI solutions to the market.”
This new capital will accelerate FairPlay’s mission to build fairness infrastructure for the internet, enhancing consumer safety amid rapid AI adoption. FairPlay’s tools assist companies in identifying and correcting biases in AI-driven decision-making systems, leading to increased revenue, regulatory compliance, and improved financial outcomes for consumers.
Kareem Saleh, CEO of FairPlay, expressed his enthusiasm about the investment for the company’s future: “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.”
With this investment, FairPlay is poised to expand its reach, offering critical AI fairness solutions to a broader range of financial institutions. This advancement is expected to drive more equitable decision-making processes across the industry, benefiting both businesses and consumers.
