This article originally ran in National Mortgage News
FairPlay™️, a Los Angeles-based fintech that seeks to provide “fairness as a service” to mortgage underwriting, announced Monday that it raised $4.5 million in seed funding.
The company aims to eliminate bias in lending through its artificial intelligence in a pair of application programming interfaces. The first API analyzes lending model fairness and the second re-underwrites declined applications from underserved borrowers to determine the rejection’s validity.
Third Prime Capital led the funding round with other investors including FinVC, TTV, Financial Venture Studio, Amara, and Nevcaut Ventures. The capital will go toward hiring data scientists and machine learning engineers to develop and scale the company’s APIs, according to Founder and CEO Kareem Saleh.