FinanceGPT: South Africa's Transformative AI Startup for Financial Analysis
FinanceGPT, a cutting-edge AI startup, has made significant strides in revolutionizing financial analysis support for a diverse clientele.
Initially tailored for startups lacking in-house finance teams and venture capitalists seeking to assess the financial health of their African portfolios, FinanceGPT, also known as Ipoxcap, reports substantial growth over the past five months, drawing in a wide array of users, including investment managers and finance professionals seeking to expedite their financial reporting.
As a prominent member of the 2023 Startup Battlefield 200 cohort, FinanceGPT harnesses the power of its proprietary AI models and the advanced capabilities of GPT-4.
Among its impressive capabilities, the platform generates comprehensive financial ratios that offer insights into a business's overall condition, forecasts future performance, and estimates valuations based on uploaded accounting data.
Phiwa Nkambule, CEO and co-founder of Ipoxcap, FinanceGPT's parent company, explains, "It creates a shareable financial analytics dashboard and text-based reports customized to the company's data and user requests." FinanceGPT initially began by aiding startups in organizing their finances for investor engagement, but its services have seen strong demand from portfolio managers, retail traders, and corporate finance teams, all utilizing the platform for their investment and portfolio management needs.
Despite attracting clients from around the world, FinanceGPT maintains its primary focus on Africa.
It's currently developing FinanceGPT Patches, consisting of three streamlined language models designed to bridge the information gaps and biases present in large language models like GPT-4, especially when it comes to emerging markets.
One such model, FinanceGPT-SSA, is specialized in native African languages and promises precise financial insights into sub-Saharan African markets.
Similar models are in the works for the Middle East, North Africa, and the Asia-Pacific region.
Nkambule elaborates, "These small language models will complement foundational models, filling in the gaps left by large language models, particularly in developing countries. We recognize the unique and distinct macro-economic dynamics of these regions and aim to capture them accurately."
Additionally, FinanceGPT is working on a financial voice assistant fluent in various African languages, delivering expert financial advisory services.
This voice assistant will be accessible through the platform's digital channels and partner financial institutions seeking to connect with customers in remote areas.
The startup has been a part of Nvidia Inception since October 2022 and is making effective use of Nvidia's technology to drive its innovations.
An Nvidia spokesperson notes, "Nvidia technology empowers startups to unlock new generative AI applications across diverse industries. FinanceGPT utilizes Nvidia GPUs and NeMo SDK as the foundation for its unique solution, addressing the challenges of limited access and high costs associated with financial advice and consultancy services."
Annie Njanja / TechCrunch