JPMorgan Chase Invests in FairPlay to Combat Algorithmic Bias in Lending

JPMorgan Chase has participated in a $10 million investment round for FairPlay, a “Fairness-as-a-Service” company using AI to reduce algorithmic bias in lending. The round also included investments from Infinity Ventures and Nyca Partners.

FairPlay’s tools help companies identify and correct biases in AI decision-making systems, particularly for historically disadvantaged groups such as people of color and women. Since its founding in 2020, FairPlay has seen a threefold increase in business, with customers reporting improved revenue, regulatory compliance, and financial health outcomes.

Shuman Chakrabarty, Head of Impact Finance and Advisory at JPMorgan Chase, stated, “FairPlay’s products help customers evaluate models, broaden credit access, and strengthen the financial services ecosystem by promoting responsible AI practices.”