5 EU FinTechs Using AI to Support Consumers

artificial intelligence

From accountability to anti-fraud measures, the various technologies that exist under the FinTech umbrella have always deployed the latest innovations. When it comes to the application of artificial intelligence (AI) in finance, startups are proving to be every bit as important as the tech giants that dominate the AI ​​space.

In Europe, startups up and down the continent are turning to Big Data and machine learning techniques to answer challenges as diverse as the FinTech ecosystem itself.

With the global market for AI in FinTech expected to be worth $54 billion by 2032PYMNTS looks at five European startups that are paving the way.


In the realm of accounting software, machine learning is used to automate routine data entry and analysis. From large accounting firms to self-employed freelancers, accounting software is now used by European businesses of all sizes and varieties to help manage accounts, optimize outgoing expenses and file taxes.

UK-based start-up Fluidly has built an AI-powered “cashflow engine,” which accountants can plug into their chosen software to build data-informed predictive and prescriptive models.

By combining machine learning and financial modeling, Fluidly allows accountants and their clients the review cashflow in real-time and forecast future revenues and expenses.

In 2021, Fluidly was acquired by neobank Oaknorth.


Founded in 2016, UK startup Cleo AI has developed an AI financial management tool called the Cleo Intelligent Assistant.

Since launching Cleo, the company has built a user base of over half a million people in the UK, US and Canada. The product collates users’ financial data, analyzes it for patterns, and then provides financial advice via a chatbot-style interface.

As a consumer-focused app, Cleo is an example of the way AI is helping ordinary people make sense of their financial data and apply it to the everyday challenges of budgeting, saving and investing.

Read more: Cleo Raises $44 Million In Series B For Digital Financial Adviser Platform


german start-up Fraugster has incorporated AI into a range of tools designed to help retailers and payment services in the eCommerce space minimize fraud and maximize their revenue.

As European retailers face the challenge of protecting customer data, tackling financial crime and navigating EU and national regulations, Fraugster is putting AI tools into the hands of merchants to help them meet these various requirements.

Recently, Fraugster added a dedicated solution for buy now, pay later (BNPL) providers to their lineup of AI tools. The new module is intended to prevent fraudsters from accessing BNPL services with fake, stolen or synthetic identity documents.

With it, BNPL providers can integrate Fraugster’s data enrichment and linking analysis technology into their service without affecting the user-facing front end.

More on this: Germany’s Fraugster Debuts Alternative Credit Tool for Merchants


Founded in 2015, challenger bank OakNorth is another UK startup using AI in innovative ways.

Oaknorth has built an AI platform it calls the ACORN machine, which leverages machine learning to inform decision making at the bank. ACORN gathers data about businesses from around the world for credit risk analysis. The output of the machine-learning algorithm is then used by the bank when making loan decisions.

Learn more: OakNorth Closes Acquisition Deal for Intelligent Cashflow Startup Fluidly

Last December, the FCA-regulated lender announced it was acquiring intelligent cashflow startup Fluidly, which aims to help small businesses that are held back by the lack of access to debt finance by complementing OakNorth’s data and forward-looking analytics capability with its cash flow forecasting tool.


The Lucinity platform is pioneering a unique approach to fraud detection and anti-money laundering (AML) technology that the company calls “Human AI.”

The idea behind Human AI is that in the field of anti-fraud and AML, AI works best when it is used to complement human investigations.

Related: 5 EU Startups Making Waves in the AML Technology Space

Comprising tools for transaction monitoring, actor intelligence and a Suspicious Activity Report (SAR) monitor, Lucinity’s technology creates AI-generated reports for the purposes of fraud and money laundering investigations.

This month, Lucinity announced that SEON’s fraud prevention solution would be available on its platform, adding another machine learning tool to Lucinity’s anti-fraud arsenal.

Further reading: SEON CEO Says Rising Cyber ​​Threat Requires Multi-Provider Security Approach

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About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are getting it right and where they need to up their game to deliver a customized shopping experience.


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