Black Ore Secures $60M for AI Revolution in Fintech, Aligning with Expanding FaaS Market
Black Ore, an AI-driven fintech startup, has successfully emerged from stealth with a significant $60 million in financing. This funding round was led by a16z and Oak HC/FT and included participation from an array of high-profile angel investors. The company, founded by Eyal Shinar, the founder of Fundbox, and Pavel Kapovski, former CME Group R&D lead, has developed an AI and automation platform aimed at enhancing core workflows in financial services. This technology aims to increase productivity for financial professionals, freeing them to focus on strategic value addition, revenue growth, and profitability.
One of Black Ore's flagship products is "Tax Autopilot," which merges proprietary AI with federal and state tax codes and regulations. This product streamlines the tax preparation and review process for Certified Public Accountants and accounting firms. Black Ore also plans to expand its offerings to wealth management, financial advisory and planning, insurance services, and more, showcasing the broad potential applications of its AI-driven solutions.
This funding and Black Ore’s market entrance coincide with the rapid growth of the Fintech as a Service (FaaS) market. The FaaS market is projected to grow from USD 310.5 billion in 2023 to USD 676.9 billion by 2028, with a CAGR of 16.9%. This growth is fueled by the advent of cloud computing technology, which provides flexibility and scalability in operations, and the ongoing innovation in AI and blockchain technologies. However, challenges such as issues related to data security and privacy, lack of interoperability and standardization, and the growing need for streamlined compliance and regulatory solutions are shaping the market landscape.
North America, a key region in the FaaS market, is leading the charge with its robust infrastructure, advanced technological capabilities, and supportive regulatory environment. The region's focus on encouraging fintech innovation and collaboration with traditional financial institutions plays a crucial role in fostering a vibrant fintech ecosystem. This backdrop provides an ideal setting for companies like Black Ore to innovate and grow in the fintech sector.
Black Ore's emergence with substantial funding underscores the dynamic and rapidly evolving fintech landscape. The company's focus on AI-driven solutions for financial services aligns with the growing trends and challenges in the FaaS market, particularly in regions like North America, which are at the forefront of fintech innovation and adoption.
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Black Ore, an AI fintech, raises $60M, introduces Tax Autopilot, and navigates FaaS market dynamics with a16z and Oak HC/FT backing.
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