Finance & Economics

Two large banks invested in European fintech firm

The investment is part of the second round of financing for the firm

Two large banks invested in European fintech firm. Source: shutterstock.com

ING Ventures and Unicredit have invested €1.3 million in Italian fintech Axyon AI to apply the power of artificial intelligence to the syndicated loans market.

Axyon AI will use the investment to speed up growth and develop its product offering, among which SynFinance, an AI-powered platform that uses predictive analysis to identify the investors who are most likely to participate in a syndicated loan.

Currently, the financial data analyzed to provide clients with advice is complex and often fragmented, creating a cumbersome and time-consuming process for banks. Based on an algorithm that learns from hundreds of thousands of historic transactions, SynFinance can review over 300 potential investors and their likelihood to participate in a syndicated loan. This enables banks to be more effective and offer better advice to clients.

ING’s investment via ING Ventures is part of the second round of financing for Axyon AI. The collaboration between ING and Axyon AI started in 2016 when Axyon AI joined ING’s accelerator programme and received start-up funding from the bank.

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