Report: 60 Percent Of Organizations By 2024 Will Use AI For Financial Management Solutions

STAMFORD, Conn. – Through 2024, Gartner predicts that 60 percent of organizations will seek artificial intelligence (AI) use cases in financial management solutions.

With the explosion of AI and automation in the financial services industry, specifically in spend and expense management, this stat will likely be out of date much earlier. Investors are betting huge amounts of money on returns from investments in companies like Brex, Divvy, Expensify, and more.

Our client, Torpago, recently raised over $77 million in their seed round to ramp up their digital spend and expense platform that offers an AI-backed solution combined with physical and virtual cards.

Their CEO, Brent Jackson, predicts “We will continue to see rapid acceleration within the embedded finance space. In 2021, we saw significant adoption and growth within the embedded lending space, specifically with BNPL companies like Affirm, Klarna and others offering their solutions to consumers via pos and check out. In 2022 I anticipate that more software and technology companies will add financial service offerings to complement their core product and generate more revenue per customer.

The financial services space is going through a massive transformation away from the legacy providers. I believe that the enablement companies powering these offerings behind the scenes, such as card issuing and banking as a service will continue to see rapid growth in 2022 and beyond.”

With over two decades of experience in Finance, Brent is a former Senior Consultant with Deloitte who saw a gap in the market and decided to go after it. Brent has significant expertise and is available to provide commentary on: