OnFinance AI Company Profile

Background

OnFinance AI, established in December 2022 by BITS Pilani alumni Anuj Srivastava and Priyesh Srivastava, is a Bengaluru-based startup specializing in Generative AI SaaS solutions tailored for the financial sector. The company's mission is to revolutionize financial workflows by integrating advanced AI technologies, thereby enhancing efficiency and data-driven decision-making within banking institutions, asset management companies (AMCs), and wealth management firms.

Key Strategic Focus

OnFinance AI's strategic focus centers on deploying its proprietary Large Language Model (LLM), NeoGPT, to develop AI co-pilots that assist in research analysis, relationship management, sales, and customer success functions. These AI-driven tools aim to streamline complex internal processes, reduce turnaround times, and improve productivity within financial institutions. The company targets markets in the United States and the United Kingdom, responding to significant interest and demand for their NeoGPT AI co-pilots in these regions.

Financials and Funding

In November 2023, OnFinance AI secured $1.05 million in an oversubscribed seed funding round led by Silverneedle Ventures and the Indian Angel Network (IAN). Additional investors included LetsVenture Fund, SSV Fund, and Kunal Shah, founder of CRED. The capital raised is earmarked for expanding the engineering team and scaling the company's solutions globally, with a particular emphasis on the U.S. market.

Technological Platform and Innovation

At the core of OnFinance AI's offerings is NeoGPT, a proprietary LLM designed specifically for the financial industry. NeoGPT integrates various data sources to provide rapid and accurate financial insights, effectively replacing multiple outdated AI models. This integration allows clients to adopt the technology without altering their existing tools, thereby simplifying and enhancing financial operations. The platform's capabilities include:

Instant Regulatory Updates: Capturing and processing regulatory communications in under 60 seconds, converting them into actionable tasks.

Intelligent Evidence Collection: Automating compliance evidence management through meeting transcripts, disclosure matches, and AI verification.

Smart Task Management: Assigning compliance tasks to appropriate team members with precise deadlines and requirements.

Smart Regulation Library: Providing a comprehensive repository of regulations, master circulars, and real-time amendment updates.

These features collectively contribute to a significant increase in productivity and a reduction in manual effort for financial institutions.

Leadership Team

Anuj Srivastava, Co-founder and CEO

Background: Anuj Srivastava is a BITS Pilani alumnus with prior experience at Barclays and HSBC, where he identified inefficiencies in financial workflows and envisioned leveraging AI to address these challenges.

Priyesh Srivastava, Co-founder and CTO

Background: Also a BITS Pilani graduate, Priyesh Srivastava co-founded OnFinance AI with a focus on developing and fine-tuning the company's proprietary LLM, NeoGPT, to meet the specific needs of the financial sector.

Competitor Profile

Market Insights and Dynamics

The global financial sector is increasingly investing in AI technologies to transition towards data-driven and AI-centric processes. Annual expenditures in this area are projected to grow by 22% year-on-year over the next decade. Financial institutions face challenges such as extended turnaround times in AI-based processes, including financial reporting, rating adjustments, portfolio management, disclosures, customer profiling, and context-aware customer interaction.

Competitor Analysis

OnFinance AI operates in a competitive landscape alongside other AI-driven financial technology providers. Key competitors include:

OpenAI: Known for its advanced language models, OpenAI has attracted significant investments, including a $500 million investment from SoftBank, contributing to a $6.5 billion funding round that valued the company at $150 billion.

Other AI Fintech Startups: Various startups are developing AI solutions for the financial sector, focusing on areas such as compliance automation, risk assessment, and customer service enhancement.

OnFinance AI differentiates itself by offering a proprietary, industry-specific LLM that integrates seamlessly with existing financial workflows, emphasizing data privacy and security through on-premises solutions.

Strategic Collaborations and Partnerships

OnFinance AI has established significant partnerships to enhance its market position and innovation capacity:

National Stock Exchange of India (NSE): In July 2024, OnFinance AI successfully onboarded NSE as a client, deploying NeoGPT across various departments, including ESG Analytics and Indices Research. This collaboration marks the first integration of advanced generative AI technologies into NSE's internal workflows.

Microsoft Recognition: In May 2024, Microsoft recognized OnFinance AI as one of the "AI First Movers" across India and South Asia, placing the company alongside leading innovators in the region.

Operational Insights

OnFinance AI's strategic considerations include:

Market Position: By focusing on the financial sector and offering a proprietary LLM, OnFinance AI positions itself as a specialized provider capable of addressing industry-specific challenges.

Competitive Advantages: The company's emphasis on data privacy, security, and seamless integration with existing tools provides a distinct competitive edge over more generalized AI solutions.