J.P. Morgan invests in trade finance tech firm Cleareye.ai (NYSE:JPM)
Summary
Cleareye.ai, a closely held firm that provides digital automation of trade compliance and operations, received a strategic investment from J.P. Morgan (NYSE:JPM), the company said Tuesday. Financial terms of the deal werent disclosed.Cleareye.ais ClearTrade Platform for trade finance helps companies to identify trade-based money laundering and sanctions red flags, automates manual checking processes, and is able to extract, validate and classify unstructured data, the company said. "A manually intensive industry loaded with paper and lacking standardization, burdened by increasing cost base, needs real innovation in order to transform. "In addition to the investment, Cleareye.ai is working with J.P. Morgans Trade and Working Capital unit to enhance its offering, Cleareye.ai said.Cleareye.ai CEO Mariya George said the company will reinvest in technological innovation to bring "expert solutions powered by artificial intelligence to the forefront of banks digital strategies. "JPMorgan Chase (JPM) has been investing in financial technology for years.