Trust Stamp, a global provider of AI-powered Privacy Enhancing Technologies (PETs), has announced its acceptance into the Founders Arena, a leading startup accelerator focused on the WealthTech sector. This strategic move follows the company's milestone of securing 100 financial service customers and is aimed at accelerating its expansion into the wealth management industry.
Trust Stamp joins the Founders Arena WealthTech startup accelerator.
The move targets expansion beyond its current base of 100 financial institutions.
Wealth managers face significant fraud risks, including deepfake impersonation scams.
The sector reported over $16.6 billion in fraud losses in 2024.
Trust Stamp's AI-powered PETs aim to provide security while protecting user privacy.
The accelerator provides industry expertise to fuel the company's next growth phase.
The WealthTech sector presents a significant opportunity for Trust Stamp's security solutions. Wealth managers, who handle numerous high-value accounts for high-net-worth individuals, are prime targets for sophisticated cybercriminals. The industry is grappling with escalating threats, exemplified by a February 2024 incident where a financial worker paid out $25 million after a video call with a deepfake ‘Chief Financial Officer’. According to an article from JP Morgan Wealth Management, these sophisticated scams drove record monetary losses of over $16.6 billion in 2024, a 33% increase from the previous year.
Trust Stamp views the Founders Arena as a key partner for its strategic push into WealthTech. The accelerator is known for championing evidence-based technology. Pamela Cytron, CEO of The Founders Arena, stated, "[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." Trust Stamp's leadership believes this partnership will provide the industry experience and corporate connections necessary to accelerate its growth.
With a solid foundation in the broader financial services industry, Trust Stamp is now channeling its efforts toward the specific challenges and opportunities within wealth management. The company's AI-powered Privacy Enhancing Technologies are designed to reduce fraud, securely authenticate users, and protect personal privacy—capabilities that are directly applicable to the high-stakes environment of wealth management. Andrew Gowasack, President of Trust Stamp, 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!”
By joining the Founders Arena, Trust Stamp is strategically positioning itself to become a key security and privacy provider for the WealthTech sector, leveraging its proven technology to address the industry's urgent and growing fraud challenges.
Trust Stamp is a global provider of AI-powered services for use in multiple sectors including banking and finance, regulatory compliance, government, healthcare, real estate, communications, and humanitarian services. Its technology empowers organizations via advanced solutions that reduce fraud, tokenize and secure data, securely authenticate users while protecting personal privacy, reduce friction in digital transactions, and increase operational efficiency, enabling customers to accelerate secure financial inclusion and reach and serve a broader base of users worldwide
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