Aveni Wins Fintech of the Year and Secures £11million Investment

04/10/2024
Aveni full company (Credit: Aveni)

Aveni.ai has come out cream of the crop at the Scottish Fintech Awards 2024, winning Fintech of the Year.

This recognition highlights a year of significant achievements for Aveni, underscoring its rapid growth and innovation in the financial services sector.

This Award win comes just days after Aveni was selected to be part of the inaugural Tech Nation and Founders Forum Upscale programme to help support its growth.

The Upscale programme exists to serve and support exceptional companies providing not just recognition, but a powerful network of peers, mentors, and tailored resources.

Aveni is clearly now in scale-up phase, with the announcement of one of the largest Series A investments in a Scottish business this year, amounting to £11 million.

Investment was led by Puma Private Equity and followed by financial services industry leaders Lloyds Banking Group and Nationwide with participation from Par Equity.

The funding will fuel the development of FinLLM, a first-of-its-kind large language model specifically designed for the financial services industry.

Created in collaboration with Lloyds and Nationwide, FinLLM aims to set new standards in the responsible and transparent use of AI, addressing the specific compliance and risk needs of financial institutions.

Credit: Aveni

This investment enables Aveni to build on the success of existing AI-based products, Aveni Assist and Aveni Detect for adviser productivity and quality assurance and compliance support respectively, to further establish its presence across the financial services market.

Aveni is trusted by some of the UK’s leading financial services firms and continues to expand across this space in the UK.

The company’s vertically-aligned approach is what sets Aveni apart, delivering tailored, impactful results that drive transformation across the industry.

Joseph Twigg, Aveni CEO commented: “2024 marks a turning point, not just for Aveni but for the entire financial services sector as AI rapidly evolves.

“The demand for tailored AI solutions is soaring – financial institutions are recognising that off-the-shelf models simply aren’t meeting their requirements.

“These models need a deeper understanding of the complexities within finance, from compliance requirements to unique customer needs, and that’s exactly what we’re delivering with FinLLM.

“We’ve always been committed to being at the forefront of this AI revolution in FS, and our recent major investment round, including the backing of major UK banks and our achievement as Fintech of the Year, shows we are living up to that ambition. Watch this space, we are in full scale up mode.”

In June Aveni established a strategic partnership with intelliflo, a leader in financial advice technology, integrating generative AI to revolutionise financial advice workflow and compliance with an end-to-end solution.

Aveni has also moved into its new headquarters at the Edinburgh Futures Institute, a state-of-the-art facility designed to foster collaboration and innovation in the heart of the city.

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