Los Angeles based algorithmic underwriting startup focused on bias raised $10m in Series A funding led by Nyca Partners.
FairPlay offers two APIs. The first API provides Fairness Analysis, analyzing a lending model’s inputs, outputs and outcomes to identify if disparities exist and for which historically disadvantaged groups. The second API, Second Look, leverages Fairness Aware AI technologies to re-underwrite declined loan applications for borrowers from protected groups. The technology assesses whether applicants declined by the primary algorithm resemble ‘good’ borrowers in ways that weren’t previously considered. The result is that more applicants from underserved groups are responsibly approved for loans, reducing bias and increasing lenders’ profitability.