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Quantum Light Capital: features of an AI-based fund
The businessman, who is known for creating the fintech Revolut, announced a new venture fund, Quantum Light Capital. The peculiarity of the latter will be that it will be based on artificial intelligence, which will help manage $200 million in assets.
At Quantum, promising projects for investment will be selected with the help of machine learning technology. AI will be responsible for selecting startups at various stages of development that are worthy of funding.
Nik Storonsky explained this decision by the fact that artificial intelligence will make it possible to avoid the restrictions that are common in the venture capital sphere. According to the businessman, most decisions here are based on subjective assessments, and this is not always fair in relation to promising projects.
The venture fund now employs six analysts who research LinkedIn in order to identify interesting startups. In addition, they scrutinize corporate documents and various data sets and, based on the information obtained, provide information about companies that are actively developing and have good prospects for further growth.
Quantum does not yet have a CEO, but an experienced manager will take over this position in the future.
The emergence of the venture fund was the next step in the development of Revolut fintech. The British company actively enters new markets and expands its sphere of activity. Over the past few months, it has acquired licenses for financial institutions in more than ten countries in Europe.
In addition, this spring Revolut announced the development of its own cryptocurrency wallet, which will allow transfers, withdrawals, and payments for goods with digital money. According to Storonsky, this step is extremely important for the company, which wants to expand its range of financial services.
In addition, Revolut wants to launch a BNPL product and improve processes for cross-border transfers, making them as fast and accessible as possible. The company also plans to develop a new line of business – mortgage lending.
At the end of last year, Revolut reduced the commission from $200 to zero for transactions with digital currencies, the monthly amount of which does not exceed $200,000. While the absence of additional payments is available for users from the U.S. In addition, now the commission is not charged when withdrawing money from ATMs if the amount of funds does not exceed $1200 per month. Also, the user can carry out 10 international transfers without additional charges.