Snapcommerce raises $85M for AI-powered ecommerce messaging

Image Credit: SnapCommerce
  • “According to data from IBM’s U.S. Retail Index, business closures and shelter-in-place orders accelerated the shift to digital shopping by five years, with online shopping projected to grow nearly 20% in 2020. Based on the survey data from BMC and Mercatus, ecommerce grocery orders alone totaled $5.9 billion, up 3.6% from $5.7 billion in August.
  • For businesses, Snapcommerce generates personalized deal recommendations unique to each customer. For customers, the service delivers messages that spotlight products at tailored prices.”

Fintern taps AI and Open Banking to enter consumer loans market

“Fintern, a UK-based fintech startup, is aiming to shake up the market for low-value consumers loans with the launch of credit technology that bypasses credit scores in making lending decisions, focusing instead on affordability.

Founded by a team from McKinsey, EY, Bank of America Merrill Lynch, HSBC and XiaoMi, Fintern skips traditional credit scoring techniques by applying AI, Open Banking and transparent affordability testing to make lending decisions.”

AI is industrializing

Illustration: Sarah Grillo/Axios
  • “A majority of North American AI Ph.D.s — 65% — now go into industry, up from 44% in 2010, a sign of the growing role that large companies are playing both in AI research and implementation.
  • Even with the pandemic, private AI investment grew by 9.3% in 2020, a bigger increase than in 2019.
  • The National Security Commission on Artificial Intelligence warned in a major report this week that ‘China possesses the might, talent, and ambition to surpass the United States as the world’s leader in AI in the next decade if current trends do not change.’”

Fintech Revolution: Transformative Financial Services and Strategies

“To help you critically assess the future of financial services and identify opportunities for growth, this program guides you through the latest fintech innovations, disruptions, regulations, and emerging markets. At the close of this six-week program, you will be able to do the following:

– Evaluate fintech’s transformative effects on a variety of businesses, including those in finance, real estate, insurance, marketplace lending, and personal banking
– Explain how blockchain and distributed ledger technologies work and are used in financial businesses
– Analyze the balance between regulation and innovation – and its tradeoffs
– Describe a potential plan that encompasses key elements of digital transformation that can be applied to your current business to increase overall competitiveness”

Flourish, a startup that aims to help banks engage and retain customers, raises $1.5M

– “A rewards engine designed to incentivize users to save or invest money.
– An intelligent and automated micro-savings feature where users can create personalized rules (such as transferring $15 into a rainy day fund every time their favorite sports team wins).
– A financial knowledge module, where personal financial transactions and spending patterns are turned into a question and answer game.”