JP Morgan provides strategic investment to Cleareye.ai
Cleareye.ai, a digital trade finance platform, secured a undisclosed figure strategic investment from JP Morgan.
Cleareye.ai, a fintech focused on digital trade finance, announced a strategic investment from JP Morgan. The investment amount was not disclosed.
“Cleareye’s relationship with JP Morgan first started with JP Morgan using Cleareye’s marquee product ClearTrade® last year,” Cleareye.ai CEO Mariya George told AltFi over email, “it was the digitization and doc exam automation for Trade Finance that went live at JP Morgan first, since then, ClearTrade® compliance.”
While the amount was not disclosed, the bank's relationship with the trade finance platform dates back to last year when JP Morgan began using Cleareye.ai platform in its trade processing system. Cleareye.ai claims to use artificial intelligence and machine learning on its platform to help banks “launch products at a rapid pace.”
George wrote on LinkedIn that the investment “strengthens the strategic alliance” and will help the innovation be brought to financial institutions across the globe.
Tom Fitzgerald, JP Morgan’s managing director, and global head of trade and working capital product delivery, said this investment was “the latest step in our ongoing alliance to digitize and future-proof trade finance.”
Trade operations are “a manually intensive industry loaded with paper and lacking standardization, burdened by an increasing cost base,” James Fraser, global head of trade and working capital at JP Morgan said. Fraser also sits on Cleareye.ai board of directors.