26 April 2018
Visit http://response.ncr.com

TD Bank buys Toronto AI outfit Layer 6

10 January 2018  |  6665 views  |  0 AI

Toronto-Dominion Bank has acquired Canadian Artificial Intelligence startup Layer 6 in a deal reportedly worth more than US$100 million.

Little more than a year old and with fewer than 20 employees, Toronto-based Layer 6 has built up a reputation in the fast-growing AI world, working with firms in the financial services, ecommerce and media sectors.

It will now work exclusively with new owner TD, the Canadian banking giant which has been busily looking to increase its AI capabilities in an effort to gain better customer insights and deliver more personalised services.

Terms of the acquisition have not been revealed but according to the Globe and Mail TD is paying more than US$100 million.

Michael Rhodes, group head, innovation, technology and shared services, TD Bank Group, says: "Artificial Intelligence has the potential to power a new generation of data-driven applications from personalised and real-time advice to predictive analytics that will shape the future of banking for millions of individuals."

The bank is already working with the Vector Institute for Artificial Intelligence, which was co-founded by Layer 6 founders Tomi Poutanen and Jordan Jacobs and has secured $230 million for its AI research and education efforts.

TD also recently teamed up with Kasito to integrate that AI specialist's KAI Banking platform into its mobile app, enabling customers to use an interactive chat interface to check account information, review transaction histories and monitor spending levels.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Canadian banks rally round Montreal AI lab

Canadian banks rally round Montreal AI lab

22 November 2017  |  5868 views  |  0 comments | 7 tweets | 10 linkedin
AI brings news stability risks, warns regulator

AI brings news stability risks, warns regulator

01 November 2017  |  6966 views  |  0 comments | 13 tweets | 18 linkedin
TD Bank opens Israel cybersecurity office; injects AI into mobile app

TD Bank opens Israel cybersecurity office; injects AI into mobile app

04 October 2017  |  7505 views  |  0 comments | 4 tweets | 4 linkedin
TD Ameritrade pairs AI with human support for Facebook Messenger service

TD Ameritrade pairs AI with human support for Facebook Messenger service

22 August 2017  |  7785 views  |  0 comments | 7 tweets | 6 linkedin
Mastercard to buy AI outfit Brighterion

Mastercard to buy AI outfit Brighterion

18 July 2017  |  18504 views  |  0 comments | 14 tweets | 22 linkedin
Moven strikes gold with TD Bank licensing extension

Moven strikes gold with TD Bank licensing extension

28 March 2017  |  17152 views  |  0 comments | 28 tweets | 25 linkedin
RBC hires AI pioneer as advisor to new machine learning lab

RBC hires AI pioneer as advisor to new machine learning lab

19 January 2017  |  8208 views  |  0 comments | 10 tweets | 9 linkedin
Banking in the age of AI

Banking in the age of AI

10 October 2016  |  15545 views  |  1 comments | 48 tweets | 30 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdvisit www.ebaday.com

Top topics

Most viewed Most shared
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
10395 views comments | 28 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
9652 views comments | 20 tweets | 21 linkedin
JPMorgan to roll out Voice ID; begins branch expansionJPMorgan to roll out Voice ID; begins bran...
8855 views comments | 6 tweets | 8 linkedin
TransferWise launches multi-country bank accountTransferWise launches multi-country bank a...
8638 views comments | 26 tweets | 21 linkedin
Physical cash retains its popularity in face of electronic onslaughtPhysical cash retains its popularity in fa...
8613 views comments | 15 tweets | 17 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job