Rogo, a US-based financial-services AI startup, raised $30 million this month with investments from nine global banks, including Barclays, BNP Paribas, Citi, MUFG, and Société Générale, according to inc42.com. These banks collectively manage nearly $20 trillion in assets and joined venture capital backers on Rogo’s cap table.
The funding round highlights a growing trend of large banks and their venture arms investing directly in AI companies. An Evident AI analysis found that investments by the 50 biggest global banks in AI startups have grown at a compounded annual rate of 21% since 2023. US banks like Wells Fargo, Citi, and Goldman Sachs are among the most active investors. Other deals include Citigroup and Santander’s stakes in Tokyo-based Sakana AI and Indian banks’ investments in local AI firms such as CoRover and Sarvam.
Banks are moving beyond traditional vendor relationships with AI providers due to the need for deep integration into regulated and high-stakes workflows. By owning stakes or co-building AI research and development, banks gain influence over product roadmaps critical to their operations. This shift reflects growing dependence on AI technologies tailored to the financial services sector, where trust and customization are paramount.
The $30 million round places Rogo among a select group of AI startups backed by major global banks managing trillions in assets. This capital infusion is expected to accelerate Rogo’s development of AI solutions for financial services, reinforcing the strategic role of AI in banking innovation, as detailed by inc42.com.