US-based AI platform for wealth Tifin has launched Tifin.AI with funding from JP Morgan, which will conceive and develop AI-powered fintechs.
The creation of Tifin.AI follows in the footsteps of Tifin Studios, which developed five fintech companies between 2018 and 2021.
The first iteration of Studios generated several profitable launches and exits, including JP Morgan’s acquisition of 55ip in 2020, the spin-off of Paralel Technologies, as well as the foundation of Tifin’s three subsidiaries Magnifi, Tifin Wealth and Tifin AMP.
Newly-formed studio Tifin.AI marks “a new phase of fintech innovation in wealth management”, using AI capabilities across use cases such as client portfolio insights for advisers, alternative investing, and wealth management in the workplace.
Tifin’s founder and chief executive officer Dr Vinay Nair, said: “The Studios model is deeply ingrained in our DNA and we are proud to have built a platform to help accelerate the future.
“I am excited to collaborate with talented and visionary employees and apply the tremendous innovation in AI to change financial outcomes for individuals through the companies that we create and launch.”
Tifin.AI will operate as a subsidiary within Tifin and will be directly overseen by Nair.
“JP Morgan and Tifin’s collaboration underscores our shared commitment to innovation, and shared belief that AI will not only reshape the financial services landscape, but accelerate the next era of innovation and efficiency,” added Ted Dimig, global head of wealth management advisory solutions at JP Morgan.
“We are delighted to see this next iteration of Tifin Studios as an energizing step forward in the creation of cutting-edge financial technology.”
Magnifi is a consumer-focused marketplace that delivers investment personalization through the use of “next-gen intelligence” and an AI investing assistant, while Tifin Wealth is an AI engine designed to assist financial advisers, wealth enterprises, and workplace financial providers with investment proposals, marketing automation, and data science.
Tifin’s third subsidiary, Tifin AMP, is an AI platform that aims to modernise distribution for asset management firms.