TD Bank buys Canadian AI start-up Layer 6

TD Bank Group announced the acquisition of Layer 6, an artificial intelligence company based in Toronto, Canada. The firm’s founders Tomi Poutanen and Jordan Jacobs are also co-founders of the Vector Institute, which is developing the next generation of AI technologies and is supported by TD.

Some of the bank’s other investments into AI include:

  • TD recently announced an agreement with conversational AI provider, Kasisto, to integrate the company’s KAI Banking platform into TD’s top-ranked mobile app.
  • TD recently collaborated with Amazon to introduce new voice banking “skills” on Alexa.
  • TD was the first financial institution in Canada to offer a chatbot on Twitter for customers to get instant help on select general inquiries.

The acquisition’s sum was not disclosed but Canadian media outlet, The Globe and Mail, reported it was $100+ million.

Read the full release

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