US fintech Bond.AI snaps up Elastech to bolster cloud and data offerings
Arkansas-based fintech Bond.AI has acquired fellow US-based company Elastech for an undisclosed sum.
Bond.AI acquires Elastech
Through the acquisition, Bond.AI hopes to strengthen its cloud and data capabilities, as it looks to expand its Empathy Engine product into new markets. Empathy Engine, via proprietary algorithms, is designed to understand consumer behaviour through a combination of financial, non-financial and intangible data.
Founded in 2021 and based in Utah, Elastech offers “technology-as-a-service”, enabling “transparency, speed and control” of internal tech teams at reduced costs.
As part of the acquisition, Scott Llewelyn, CEO of Elastech, who brings “decades” of enterprise solutions experience, will be joining Bond.AI to lead its new professional services division – a data team to provide concierge data services to banks.
“In the world of finance today, everyone’s chasing artificial intelligence to ramp up their speed and efficiency,” comments Uday Akkaraju, CEO of Bond.AI. “But here’s the catch – most financial institutions need help devising strategies, setting up the right systems, while making AI affordable.”
He adds that Bond.AI aims to ensure that “costs and knowledge won’t be stumbling blocks and are committed to dismantling those barriers and make AI work like a charm”.
