Sylvia Duruson
Johannesburg-based startup FinanceGPT is using artificial intelligence to make financial analysis and reporting more accessible, with plans to offer services in African languages.
Founded in 2020, FinanceGPT leverages proprietary AI models and tools like GPT-4 to generate financial ratios, forecasts, and valuation estimates automatically based on a company’s accounting data. This aims to assist startups, investors, portfolio managers, and finance teams assess business performance and health.
Initially catering to startups seeking investment readiness, FinanceGPT has expanded to serve a diverse clientele globally. However, its primary focus remains on Africa’s unique challenges and opportunities.
To better serve African markets, the company is developing “FinanceGPT Patches” – specialised language models proficient in native tongues to seal information gaps left by broad tools like GPT-4. For example, its FinanceGPT-SSA model focuses on sub-Saharan African languages for more accurate localised insights.
“The macro-economic dynamics are very different in developing regions. We want to ensure this uniqueness is well captured,” said CEO Phiwa Nkambule.
Beyond reporting, FinanceGPT is building a multilingual voice assistant to deliver customisable financial advice. This aims to reach rural populations through digital channels and partner institutions.
As a member of Nvidia’s Inception program since 2022, FinanceGPT leverages GPUs and AI software to unlock new applications for emerging markets. Nvidia noted the startup’s potential to address limited financial services accessibility in Africa through innovative generative AI.
By harnessing technology to simplify fiscal processes and analysis, FinanceGPT demonstrates a promising model for startups targeting real-world economic needs. Its evolution from serving tech peers to established companies also highlights the demand for AI-enabled finance tools.
As rapid digital transformation continues across Africa, FinanceGPT’s commitment to accessibility in underserved communities is noteworthy. Its development of localised solutions aims to ensure AI benefits more equitably.
With strategic models addressing regional nuances, FinanceGPT is poised to deliver tailored insights unmatched by broad analytical tools. Its multilingual voice assistant could open new avenues for practical AI adoption beyond English-speaking urban centres.
