Powder Named to the 2024 CB Insights’ List of the 100 Most Innovative Fintech Startups Powder recognized for achievements in bringing the power of artificial intelligence to the wealth management industry
LOS ALTOS, Calif.
|
October 24, 2024 09:01 AM Eastern Daylight Time
Powder, a fintech company that creates generative AI agents to automate time-consuming tasks, enabling wealth management firms to focus on serving clients and growing their businesses, today announced that it has been named by CB Insights to the seventh annual Fintech 100, showcasing the 100 most promising private fintech companies in the world.
“We know that artificial intelligence is the future of wealth management, so it is an honor to see our own innovations in this important area recognized independently through inclusion in the Fintech 100,” said Kanishk Parashar, Chief Executive Officer of Powder. “This is a credit to our entire team and our clients.”
The Fintech 100 primarily includes early- and mid-stage startups driving innovation across fintech. CB Insights’ research team picked winning companies based on CB Insights datasets, including deal activity, industry partnerships, team strength, investor strength, employee headcount, and proprietary Commercial Maturity and Mosaic scores. CB Insights also dug into Analyst Briefings submitted directly by startups.
“The 2024 Fintech 100 winners are high-momentum companies shaping the future of financial services,” said Laura Kennedy, Principal Analyst at CB Insights. “Unsurprisingly, this year’s cohort is deploying AI across a wide variety of solutions. But they’re also diverse in their reach in emerging and developing economies and focus on everything from fraud prevention to financial inclusion.”
Powder saves wealth management firms time and money by parsing complex financial and estate documents in seconds and providing advisors with enriched, ready to use extracts. Powder’s AI agents are as accurate as a human – or better – using its hallucination detection that can pinpoint important information in minutes, not hours, freeing advisors and analysts to focus on client service and work that provides a direct value to clients and prospects. The technology also offers a generative-AI chat feature for each of the firms’ clients, allowing analysts to rapidly obtain answers to important data questions, akin to chatting with an AI assistant who can instantly answer questions about a specific client by consulting financial documents.
Powder’s AI agents can be deployed across multiple areas of the wealth management industry, from proposal generation to portfolio analysis. Most importantly, the technology is secure with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Unlike ChatGPT, individual firms own and control the data, which ensures that clients' personal information is 100% secure.
In July 2024, Powder raised $5 million in seed funding, backed by 40 investors, including leading Silicon Valley venture capital firms and tech executives. The round featured participation from YCombinator, General Catalyst, Funder’s Club, Elefund, Litquidity Ventures, and Script Capital. Notable individual investors included Jon Xu, co-founder of FutureAdvisor, and Bryant Chou, co-founder of Webflow.
Quick facts on the 2024 Fintech 100:
- The 100 winners include 13 wealth management companies, 11 in embedded finance, and 10 in insurance.
- The 2024 cohort is deploying AI across a wide variety of use cases and features a notable number of solutions driving financial inclusion and accessibility.
- $7.2B in equity funding raised over time, including more than $2B in 2024 so far (as of 10/23/2024).
- Nearly 50% are early-stage companies (primarily seed/angel or Series A).
- 52 companies from outside the United States, across 23 countries on 6 continents. This includes 17 companies from 11 emerging and developing economies.
About Powder
Powder is building generative AI agents that automate laborious tasks to save time and to allow firms to focus on what matters. Today, its flagship product is a brokerage and estate document reader that is highly accurate and fast, with the ability to enrich the output with missing market data. For more information visit, powderfi.com.
About CB Insights
CB Insights is an AI super analyst for market intelligence. It delivers instant insights that help you bet on the right markets, track competitors, and source the right companies. Our AI super analyst is powerful because it is built on the validated database of companies and markets that CB Insights is famous for. To learn more, please visit www.cbinsights.com.
Contact Details
For Powder
Lisa Aldape
+1 917-676-1716
For CB Insights
Company Website
