20 July 2018
Visit www.avoka.com

TD Bank buys Toronto AI outfit Layer 6

10 January 2018  |  7229 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  |  6147 views  |  0 comments | 7 tweets | 10 linkedin
AI brings news stability risks, warns regulator

AI brings news stability risks, warns regulator

01 November 2017  |  7880 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  |  7742 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  |  8150 views  |  0 comments | 7 tweets | 6 linkedin
Mastercard to buy AI outfit Brighterion

Mastercard to buy AI outfit Brighterion

18 July 2017  |  19156 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  |  18048 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  |  8409 views  |  0 comments | 10 tweets | 9 linkedin
Banking in the age of AI

Banking in the age of AI

10 October 2016  |  15825 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 info.nice.comVisit https://secure.vasco.com

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12234 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10105 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9821 views comments | 6 tweets | 15 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9589 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9379 views 19 comments | 14 tweets | 30 linkedin

Featured job

Find your next job