JP Morgan Invests 10 Million in FairPlay to Fight AI Bias

AI is making more decisions about people’s lives than ever before. Like who gets a loan, which insurance rates apply, and even who sees a job posting. But when these algorithms aren’t checked for bias, they can end up reinforcing discrimination rather than eliminating it. That’s where FairPlay comes in. The Los Angeles-based Fairness-as-a-Service company has just secured $10 million in funding from Infinity Ventures, JPMorganChase, and Nyca Partners to help financial institutions and other businesses ensure their AI-driven decisions are fair and unbiased.

This funding comes as FairPlay reports a threefold increase in business in 2024, a clear sign that companies are realizing the need to audit their algorithms for hidden biases. AI-powered decision-making is the future, but without proper safeguards, it risks repeating the mistakes of the past.

Why AI Bias Is a Problem

AI promises efficiency and objectivity, but in reality, it learns from historical data which means it often replicates historical discrimination. A biased AI model could deny loans to minority applicants at higher rates, set unfair insurance premiums, or systematically exclude certain demographics from financial opportunities. These aren’t theoretical concerns; real-world examples of AI bias have already led to lawsuits and regulatory crackdowns.

FairPlay exists to prevent that. The company’s tools help businesses assess whether their models are treating different demographic groups fairly, identify hidden biases, and take corrective action all while staying compliant with regulations. But beyond compliance, there’s another key factor: fairness can also be good for business. More inclusive lending and underwriting practices often expand customer bases and increase revenue.

Big Backers Bet on AI Fairness

FairPlay’s approach has attracted some major names in finance.

Jay Ganatra, partner at Infinity Ventures, explained why they’re investing:

“FairPlay’s fairness-as-a-service model has been gaining serious traction. What stood out to us was not just the technology, but the caliber of institutions adopting it—including major banks and Fortune 500 companies. FairPlay’s ability to deliver results quickly makes it a game-changer for AI-driven decision-making.”

JPMorganChase, which has been increasing its focus on AI ethics, also sees FairPlay as a critical tool for responsible financial decision-making. Shuman Chakrabarty, Head of Impact Finance & Advisory at JPMorganChase, noted:

“FairPlay has built an impressive set of products that help customers evaluate their models, expand credit access, and strengthen the financial ecosystem. Responsible AI isn’t just a buzzword—it’s an imperative, and FairPlay is making it accessible for institutions of all sizes.”

What’s Next for FairPlay?

With this fresh infusion of capital, FairPlay plans to scale its operations and expand its offerings. One of the biggest upcoming launches is an index tool, set to roll out in Q3, that will give financial institutions deeper insights into how their underwriting impacts consumers. By making fairness more measurable, the tool aims to help companies proactively adjust their AI models rather than waiting for a regulatory intervention—or worse, a scandal.

FairPlay’s CEO, Kareem Saleh, sees the investment as both validation and motivation to push forward.

“This funding from top-tier investors and financial institutions underscores just how critical AI safety has become. We’re thrilled to have their support as we take our mission to the next level. This isn’t just about compliance—it’s about helping businesses make decisions that are smarter, fairer, and better for everyone.”

The digital age has created new ways for bias to seep into everyday life. Decades ago, discrimination was visible, signs in shop windows, explicit policies excluding certain groups. Today, bias hides behind complex algorithms that few people understand. But the impact is just as real.

If AI is going to play a central role in decision-making, fairness infrastructure needs to be built into the foundation. FairPlay’s work is an attempt to do just that, ensuring that as AI takes over more decisions, it does so in a way that benefits all consumers, not just the privileged few.