Trust Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), a global provider of AI-powered privacy enhancing technologies (PETs), has joined Founders Arena, a startup accelerator focused on the WealthTech sector, as part of its strategy to expand into wealth management.
Trust Stamp president Andrew Gowasack said the company, which has already reached 100 financial institutions, is now targeting wealth managers, who face fraud risks similar to those in banking and insurance.
“Wealth management providers are facing similar fraud challenges to our banking and insurance customers and demand the same level of security and privacy for customers,” he said in a statement.
According to JP Morgan Wealth Management, losses from cyber fraud in 2024 reached $16.6 billion, up 33% from the previous year.
Pamela Cytron, CEO of Founders Arena, said the accelerator seeks to support founders who combine intelligence with integrity. "We're not here to chase every shiny AI pitch. We're here to elevate evidence-based technology that is built to withstand both market euphoria and scrutiny," she said.
Gowasack added that the partnership with Founders Arena will help accelerate Trust Stamp’s growth in the WealthTech space.
"The Founders Arena team brings years of industry experience and is supported by corporate industry leaders. Our team is committed to taking full advantage of this opportunity to accelerate Trust Stamp’s growth.”