After reaching 100 financial service customers, Trust Stamp pushes to expand the use of its privacy-enhancing technologies into the WealthTech Sector
Trust Stamp (Nasdaq: IDAI), a global provider of AI-powered Privacy Enhancing Technologies (PETs), announced that it has joined the Founders Arena, a leading startup accelerator in the WealthTech sector.
Trust Stamp President Andrew Gowasack, commented, “While we are proud of reaching 100 financial institutions, our team is already focused on our next stage of growth. 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.”
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Because wealth managers often manage numerous highly valuable accounts for high-net-worth individuals, they are prime targets for criminals. In February of 2024, a financial worker paid out $25M after a video call with a deepfake ‘Chief Financial Officer’. According to an article from JP Morgan Wealth Management, cyber threats and fraud scams are driving record monetary losses due to their sophisticated nature, amounting to losses of over $16.6 billion in 2024, a 33% increase over the previous year.
As stated by Pamela Cytron, CEO of The Founders Arena when discussing its fifth cohort, “[o]ur mission has always been to champion the founders who blend 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. And while our companies come from around the globe, this program proudly includes our very first founder from our hometown of Arlington, Texas.”
Gowasack concluded, “We could not ask for better partners to accelerate our expansion into WealthTech. 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!”
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