Intelligence Vault: Vendor Zoom – FairPlay

We recently carried out research into the use of artificial intelligence and data analytics within credit risk management processes at financial institutions, including analysis of the leading solution vendors in this field.

This short article in our Distinctive Insights Intelligence Vault series provides an overview of one of the key vendors in this field.  Our aim in publishing this content is to help finance professionals further understand how artificial intelligence and data analytics are being applied to support key business processes within financial institutions.

Content sourced as of December 2024

FairPlay

Focus Area: Incorporation of fairness criteria into credit assessment models

Head Office: United States

Website: https://fairplay.ai

Founded Date: 2020

Total Funding Received: USD 14.5mn

Products and Services Overview:

FairPlay provides Fairness-as-a-Service, offering AI-powered tools to enable automated decision-making. Specific products and services include: Fair Lending Analysis, Customer Composition Analysis, Redlining Analysis, Proxy Detection, Fairness Optimizer, and Second Look. They also offer educational materials on fair lending math, LDA handbooks, and mortgage fairness reports.

How the Company Leverages AI and Data Analytics:

FairPlay uses AI-powered models to increase fairness and profitability for lenders. Its AI models modify loss functions to include a disparity minimization term for protected classes. Its products (i.e. Fair Lending Analysis, Fairness Optimizer, Second Look, Customer Composition, Redlining Analysis, and Proxy Detection) all leverage AI.

Example Clients & Partners:

Chime (U.S. digital bank)

Figure (U.S. lending technology marketplace)

Flex (U.S. rent payment solution provider)

FS Vector (U.S. compliance professional services company)

Happy Money (U.S. fintech lender)

LendingPoint (U.S. loan originator)

Oscilar (U.S. fraud technology provider)

Splash Financial (U.S lending marketplace)

TrueNorth (U.S. professional services company)

Varo Bank (U.S. digital bank)

Comparison Vendors:  Stratyfy, Zest AI