4 AI-powered firms are reshaping the FinTech space in the Czech Republic

By Gloria Methri

The financial technology (FinTech) industry has grown rapidly in recent years, with new innovations constantly emerging to change the way people think about banking, investing and personal finance.

One of the most exciting developments in FinTech is the use of artificial intelligence (AI) and machine learning algorithms to improve financial services and offer personalized solutions to users.

In the Czech Republic, it is no different than several FinTech startups that bring the power of AI to disrupt or create new markets. From smart lending to fighting financial fraud, the use of technology in finance continues to bring forth interesting new ideas.

Let’s look at four AI-powered FinTech companies in the Czech Republic

Twisto is a leading BNPL service from CEE that provides personal credit line loans to consumers. The Services can also be accessed via an app available on iOS and Android devices. Customers can use the Twisto mobile app to defer their payments, split them into three installments without fees, share bills with their friends or take care of their invoices.

BudgetBakers is a personal finance management app that uses AI and machine learning algorithms to help users track their spending and save money. It combines an overview of financial records with features such as multiple accounts, sharing with partners or family, debt control, budgets, receipts, guarantees, data import and export, and bank integration. The app is available for Android, iOS and WebApp platforms.

Resistant AI offers AI-enabled KYC and AML solutions for financial institutions. It protects automated decisions against online fraud. It also provides fraud detection for documents including invoices, payslips, bank statements, KYC documents and more. It leverages AI in fraud, risk, operations and compliance teams, without replacing the customer’s existing systems.

Bondster is a peer-to-peer lending platform that uses machine learning algorithms to match investors with borrowers. The platform connects trusted lenders with retail investors and offers users an alternative to traditional investing. Bondster also helps Loan Originators to refinance their loan portfolio and provide investors with attractive high yield investment opportunities.

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