Cited by: Deciens Capital (investor)

Total raised: More than $150 million

What it does: BeatBread uses AI to analyze and predict revenue potential for the music industry, providing funding advances to a broad range of artists.

Why it's on the list: "Artists of all sizes want independence and ownership over their music, to work with their preferred partners, and to control their own destinies. Historically, there hasn't been a real alternative to the major label advance for artists to get the capital they needed to scale their careers, which locks them into the label ecosystem," Dan Kimerling, the managing partner at Deciens Capital, said.

"2024 has been a pivotal year for BeatBread, marked by strategic moves and partnerships that further solidify its mission," Kimerling said, referring to its partnerships with the administrative publishing company Kobalt and its subsidiary AMRA to offer artists increased royalties and faster payments. Other strategic moves include a series of deals providing funding to independent labels to expand how BeatBread provides capital to artists.

Cited by: TTV Capital, Homebrew

Total funding: $8.1 million

What it does: Brico helps financial institutions and fintechs manage their licensing by using AI to automate applications and renewals.

Why it's on the list: "With Brico, businesses can effortlessly navigate the complexities of acquiring, renewing, and managing compliance for various financial licenses — including Credit, Money Transmitter, Mortgage Loan Originator, and more — in all 50 states," Lizzie Guynn, a partner at TTV Capital, said. "Brico makes regulatory compliance seamless and cost-effective with its user-friendly tools that reduce time and money spent on financial licenses."

"It's addressing a very manual and expensive process that nearly every financial services company needs to deal with on an annual basis," Satya Patel, a partner at Homebrew, said.

Cited by: QED Investors, Vesey Ventures

Total raised: $4.1 million

What it does: Cascading AI, through its main product Casca, offers loan-origination software for the banking sector with an integrated AI assistant that allows firms to extend their hours.

Why it's on the list: "Customers do not operate on the 9-to-5, Monday-to-Friday schedules that banks do," Laura Bock, a partner at QED Investors, said. "When a pizzeria's oven breaks, the owner is inquiring about a loan after closing shop. While today, it might take nearly three days to hear back from a loan officer after submitting an application, financial institutions using Casca's AI platform are able to unlock 24/7, 365 support for current and potential customers."

Dana Eli-Lorch, a founding partner at Vesey Ventures, said: "Their flagship product, an AI-powered loan assistant, enables manifold increases to banks' productivity and loan conversion rates, all while enhancing both accuracy and applicant experience. Casca exemplifies the powerful impact AI can have on financial services, driving significant operational efficiency and customer satisfaction."

Cited by: Flourish Ventures (investor)

Total raised: $41 million

What it does: Clerkie embeds its AI debt-automation software in financial institutions' mobile apps, allowing consumers to make financial decisions about their debts and discover solutions if they're struggling to pay them off.

Why it's on the list: "Clerkie's data flywheel and network create a win-win scenario for both consumers and financial institutions. Consumers enjoy a seamless experience within their banking app, with flexible solutions tailored to their specific cash flow needs, helping them avoid the collections process and protect their credit scores. Banks benefit from direct ROI through loan repayment while maintaining customer relationships," while also expanding loan-to-value ratios, Flourish Ventures' Emmalyn Shaw said.

She added that "Clerkie assumes no balance-sheet risk, serving as the debt-network and debt-payment infrastructure for financial institutions."

Cited by: Pathlight Ventures (formerly Exponent Founders Capital)

Total raised: About $5 million

What it does: Comulate automates insurance statement processing, reconciliation, revenue recovery, and forecasting.

Why it's on the list: "Leveraging AI to drive real revenue lift for insurance carriers is driving success in a category" that's historically been hard to break into, Charley Ma, a cofounder and managing partner of Pathlight Ventures, said.

Cited by: Pathlight Ventures (investor)

Total raised: $3.7 million

What it does: Coris builds software for fintechs and other tech companies to manage risk and fraud among small- and medium-size business clients.

Why it's on the list: "Aggregating unstructured data on SMBs to generate insights at scale is challenging. Coris is at the forefront, leveraging a variety of methods across LLMs, ML, and good old-fashioned software to establish itself as the leading platform for managing SMB risk and fraud — already working with clients like Mindbody and ClassPass," Pathlight's Ma said.

Cited by: Harlem Capital (investor)

Total raised: $2.5 million

What it does: Fintary helps insurance companies manage their finance and accounting needs by using AI to automate workflows.

Why it's on the list: "They have been invited to their customers' conferences in order to share the product with their customers' customers," Henri Pierre-Jacques, the cofounder and managing partner of Harlem Capital, said. He said Fintary has grown more than 10 times since Harlem's investment last fall, adding that "the quick ramp has been one of the fastest we've seen for a preseed company."

Cited by: Greylock (investor)

Total raised: $4.8 million

What it does: Greenlite automates compliance processes using AI for fintechs and banks.

Why it's on the list: "Greenlite has seen exceptional customer demands with enterprise banks and fintechs and has proven one of the few enterprise-grade applications for generative AI — automating tedious compliance workflows like alert handling, periodic reviews, and document processing, improving efficiency and reducing human error," Seth Rosenberg, a general partner at Greylock, said.

Cited by: Redpoint Ventures

Total raised: $3.5 million

What it does: Iris Finance offers consumer-facing companies AI-powered financial planning and analysis software.

Why it's on the list: "While the notion of AI bookkeeping is very much in vogue today, replacing Quickbooks is hard — and not something most brands or outsourced accountants are looking to do in the near term," Redpoint's Clark said. "Iris, instead, complements Quickbooks with a more holistic AI-powered CFO-in-a-box for brands, enabling them to seamlessly track and improve day-to-day sales and margin performance across channels, which much more closely aligns with what founders want and how modern brands are managed."

Cited by: Bain Capital Ventures

Total raised: $6.3 million

What it does: Materia AI helps accountants organize their data, enabling them to automate parts of their work.

Why it's on the list: "With a decline in new auditors and an immense volume of manual data entry, professional-service audits are the perfect place for an AI copilot," Alysaa Co, principal at Bain Capital Ventures, said. "LLMs enable the automation of work like ingesting large sets of unstructured financial data, searchability, comparing against historicals and across the industry, and direct citations for where the data comes from."

Cited by: Vesey Ventures (investor)

Total raised: $8.6 million

What it does: Nilus offers an AI-powered cash and treasury management platform for fintechs, financial firms, marketplaces, and other companies moving money.

Why it's on the list: Nilus "provides better data connectivity combined with AI to transform the CFO suite: a trend we are actively investing behind," Lindsay Fitzgerald, a general partner and the cofounder of Vesey Ventures, said.

"With Nilus, treasurers can skip the manual reconciliation work that previously took most of their day and focus on actions that can drive bottom-line impact. We think Nilus is poised to become the default software for modern treasury teams, displacing decades-old workflow tools like Kyriba and GTreasury," she said.

Cited by: Avid Ventures, Index Ventures

Total raised: $7.85 million

What it does: Noetica helps deal professionals negotiate debit agreements with their data using an AI platform that benchmarks terms in corporate debt transactions.

Why it's on the list: "Noetica is a capital-markets data company for corporate debt, a market valued at trillions of dollars. Its AI-powered software allows professionals to upload any credit or bond document and compare all terms to similar public and private deals," Jahanvi Sardana, a partner at Index Ventures, said.

"Corporate debt terms are time-consuming and difficult to benchmark, leading deal professionals, such as lawyers and investment managers, to often miss higher-risk terms, as well as opportunities for negotiation. By building the largest proprietary dataset of corporate debt terms, Noetica is changing how these deals are negotiated and transacted," Tali Miller, a founding investor at Avid Ventures, said.

Cited by: Avid Ventures (investor)

Total raised: $2.5 million

What it does: Novella is an AI-powered insurance wholesaler specializing in excess and surplus insurance, which addresses higher-risk situations that standard carriers don't usually cover.

Why it's on the list: "Given the complexity of E&S insurance, it is sold through wholesalers who have relationships with specialty carriers, and retail brokers must work with these wholesalers to access these carriers. However, brokers have been frustrated by the leading wholesalers such as Ryan Specialty, Amwins, and CRC Group, whose lack of technology and system integrations lead to slow, inefficient, and opaque quoting processes," Avid Ventures' Miller said.

"The E&S market continues to grow," Miller said, adding that E&S direct premiums written in the US climbed to more than $86 billion in 2023, more than doubling since 2018.

"Using data and AI, Novella aims to reinvent this massive industry by making the information transfer between brokers and carriers fast and error-free and, ultimately, automating quote creation," she added.

Cited by: Two Sigma Ventures

Total raised: $26 million

What it does: Rogo is building a generative AI assistant to help investment bankers and analysts do their jobs more efficiently.

Why it's on the list: "Rogo's platform is purpose-built for the complex data needs of the financial sector, allowing nontechnical users to query vast amounts of financial data using natural language processing. This is a game changer for institutions like banks, investment firms, and insurers," Frances Schwiep, a partner at Two Sigma Ventures, said.

"I see immense potential in Rogo's ability to give first-of-its-kind access to critical financial analytics, positioning them as a key player in transforming how financial institutions interact with their data to drive more informed decisions across the industry," she added.

See the pitch deck for Rogo's $7 million seed.

Cited by: TTV Capital (investor)

Total raised: $7 million

What it does: When uses an AI assistant to help exiting employees maintain access to healthcare by providing affordable alternatives to COBRA and making it easy to compare pricing and deductibles.

Why it's on the list: "There are more than 700,000 companies in the United States with 20-plus employees, which means they are required by law to offer COBRA. Last year's 721,677 planned job cuts brought some of the largest reductions in company head count that we've seen in the past two decades," TTV Capital's Guynn said.

"Offering an alternative to expensive, inflexible COBRA not only makes common sense but also economic sense. COBRA participants are three times more costly than active employees, which is especially burdensome for self-insured companies. To date, companies that offer When's fixed-dollar health-insurance premium reimbursement have seen an 80% conversion rate from COBRA. Employees that applied their When benefit to available plans have saved as much as 50% in out-of-pocket healthcare costs," Guynn said.

The hit TV show "Industry" — full of sex, drugs, and spreadsheets — just wrapped up its third season.

"My friends in the last few years have nonstop bothered me about 'Industry,'" Justin Elliott, 29, a vice president of institutional rate sales at Bank of America, said.

"They see a crazy show about the industry and say, 'My God, I can't believe that happens in your world every day.' From what I've seen, there's definitely some thrills from getting a trade done that might mirror the show a bit, but it's a very exaggerated depiction of life on Wall Street."

"I don't know that any of them do a great job, but I am quite a fan of 'Industry,'" Erica Wilson, a vice president at the private credit firm Blue Owl, said. "I am still behind on the third season, but I think that show is fun."

Though the blockbuster show "Succession" isn't specifically about the banking industry, Daniela Cardona, a 29-year-old investment banker at RBC Capital Markets, watched it in its entirety and found some similarities in high-stress moments.

"In the last season, when they're trying to merge the two companies, there's one scene that always makes me giggle. I don't think this is fully accurate, but I do think it's funny — they're in a conference room, and Kendall says, 'Just make it up!' and they're all with their laptops sitting in the middle, and the consultants are looking at him like, what do you mean, make it up?" Cardona said.

"There have been instances where it sometimes feels that way — where you're in a time crunch and it's 3 o'clock in the morning."

Ben Carper, a 34-year-old managing director at Jefferies, pointed to the medical comedy sitcom "Scrubs" as a better representation than anything that features board rooms and trading floors.

He said the show had a "similar high-pressure environment where there are some opportunities for amusement and humor, but generally a pretty vigorous focus on doing a job well done."

The 2011 drama "Margin Call" follows the 24 hours after an analyst at an investment bank discovers it has taken on more debt than it can handle — illustrating the early stages of the 2008 financial crisis.

"I think it picks up the cadence of working at a big bank the best," said Austin Anton, 32, a principal at Apollo Global Management.

"The Wolf of Wall Street" follows the story of Jordan Belfort, who actually only worked at a Wall Street firm for a few months before the 1987 stock-market crash. He goes on to run his own brokerage, which ultimately scams several people, but the movie highlights the debauchery, opulence, and excess that ensued during his run.

"This almost sounds weird, but I'm going to say 'The Wolf of Wall Street,'" Matt Gilbert, a managing director at Thoma Bravo said. "The absurdity of that movie, to some extent, I do think, kind of incorporates some aspect of our job."

While finance is the backbone of the economy and certainly has global implications, what bankers and investors do on a day-to-day basis isn't saving lives, the 35-year-old added.

"I think the fact that you could have a comedy wrapped around the finance world is important, and it always makes me take a step back and think through, sure, I want to win every deal," he said. "Our fiduciary duty at Thoma Bravo is to produce the best returns for LPs, but this job is supposed to be fun. I'm supposed to work with great people. We're supposed to laugh together. I think if people take this job too seriously, that's when burnout and other things happen."

"The Big Short," the movie based on the financial journalist Michael Lewis' book, chronicles how Wall Street helped fuel the US housing crisis in 2008 and the investors who profited from it.

"It's not our day-to-day, but I think it is an OK representation of what happened at the time," said Chi Chen, 34, a portfolio manager at BlackRock. " Maybe it is not all factual, but it is a good one that is representative."

Patrick Lenihan, a portfolio manager at JPMorgan Asset Management, said "The Internship," which features two old-school salesmen trying to restart their careers through an internship at Google, reminds him of the importance of having and supporting a diverse team.

"I feel like that team with Owen Wilson, Vince Vaughn, the rest of them, and how they come together at first, you see there's just a variety of different people that you're like, 'Oh, this is going to fail,'" he said. "But I think a large part of my success is going back to that teamwork, getting the right people in, and ensuring that diversity of opinions."

BlackRock's Chen, who focuses on fixed income, said that to really gain insight into the investing industry, it's best to read the "Market Wizards" book series, which features interviews with top traders.

"A lot of those investing stories for that book series are more from two, three decades ago, when market volatility was much higher. But we have seen a comeback of market volatility since 2020," she said. "So I have always enjoyed that whole series of books."

Elliott, the Bank of America VP, recommends Min Jin Lee's novel "Free Food for Millionaires."

"It's about a Korean woman navigating life who ends up on Wall Street in an admin capacity. But really, it's a story about belonging and identity — about trying to make it in a world and industry you didn't initially know much about," he said.

"To me, it's a lot more humanistic. It gives me a bit more of a personal perspective when I think about my journey on Wall Street. When I think about the people — and understanding people is so much of this job — I go back to 'Free Food for Millionaires.'"

There's no fictional piece of media Bridgewater's Blake Cecil has found to reflect life in finance; he said shows and movies "feel quite distant" from his day-to-day.

A biography of the late hedge-fund billionaire Jim Simons, "The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution," reflects how the deputy chief investment officer and his colleagues approached challenges.

"It resonated with my experience of working with people who are using algorithms to solve problems that often hadn't been asked before," Cecil said.

Harrison DiGia, a vice president at General Atlantic, had another book recommendation: "The Inner Game of Tennis" by W. Timothy Gallwey.

"This book is all about the mental game and trusting your intuition and yourself. You use practice and your preparation before a competition so that when the time is right, or you have a big opportunity, you're ready, and your mental game is as strong as it can be," DiGia, 31, said.

"When I think about investing, a lot of it is setting yourself up to get that big opportunity and making sure you're prepared and can have a clear mind when that pressure situation comes. I'm a huge tennis fan, so I think about this when I'm on the tennis court, but I think about it in a professional setting as well."

In the book "Unreasonable Hospitality: The Remarkable Power of Giving People More Than They Expect" by Will Guidara, the co-owner and general manager of Eleven Madison Park describes how he manages his business, his customer-service style, and the things he'd do at Eleven Madison Park to go above and beyond.

Craig Kolwicz, an investment banker at Moelis, said the "unreasonable hospitality" described in the book (such as having an employee run out to get a hot dog for a customer who you overheard saying they hadn't had one in New York yet) isn't dissimilar to the type of service that could differentiate an investment banker.

"It depicts a restaurant that's an extremely expensive restaurant where there's an extremely discerning clientele base. They could go to all these other really fancy, really nice three-Michelin-star restaurants in New York or in the world," the 35-year-old managing director said.

"How do you differentiate yourself? There's a lot of investment bankers out there and there's a lot of really smart clients and folks that we work with all the time — and how do we get them to stay with us? How do we get them to hire us on the next deal? It's some of the stuff that we do," he said. For example, he'd recently flown to Los Angeles for an 11:30 a.m. pitch meeting and flown back.

"It's like hospitality, but it's kind of an unreasonable client customer service to do something like that," Kolwicz said.