Banking’s New Co-Pilot
yPilot, founded in 2024 by three banking software technology veterans with over 75 combined years of experience, delivers groundbreaking generative AI software applications for financial institutions. Their SaaS solutions address critical challenges in the banking industry, specifically around compliance, fraud detection, and open banking. By providing rapid time to value, fast implementation, and seamless integration with existing banking systems, yPilot’s solutions are generating revenue and creating significant interest in the C-suite.
The fintech startup has three key products: ComplyPilot, a compliance co-pilot that automates compliance management, policy writing, and simplifies regulatory reporting, reducing compliance costs by up to 25%; Chextract, a computer vision AI application that detects and prevents cheque fraud, cutting manual processing by up to 75%; and SideFI, an AI financial advisor that leverages open banking data to provide personalized financial insights, enhancing customer retention and reducing service costs. Together, these products streamline operations, reduce overhead, and significantly improve security across the banking sector.
Taking Flight
The young Vancouver startup has come out of the gates hot. In less than three months of operation, yPilot has been recognized as one of the Top 25 startups in the New Ventures BC competition and secured its first paying customer for the Chextract product. They also signed a key partnership with ThreatAdvice, which will act as their go-to-market partner for compliance and fraud solutions in the US. Additionally, yPilot onboarded its first beta customer for their SideFI open banking product and garnered positive feedback from several US prospects for the ComplyPilot solution. The company’s story has gained traction in the financial press, attracting interest from various venture capital firms.
Looking ahead, yPilot plans to leverage their initial clients and partners to ensure a strong product-market fit. By collaborating closely with these early adopters, they aim to refine their products, understand their use cases, and enhance their value proposition. This approach will help yPilot gather valuable case studies and references, which will be instrumental in scaling their sales and business development efforts.
Growing the Company, Growing the Team
yPilot decided to compete in the 2024 NVBC Competition because of the profound impact it had on CEO Todd Winship’s previous venture, Primisyn. As a 2008 NVBC competition Top 10 Finalist, Winship experienced firsthand how the knowledge and networking provided by NVBC were crucial to Primisyn’s growth, ultimately leading to its 2011 acquisition by Temenos, the world’s largest banking technology provider. By participating in the competition again, the fintech startup aims to leverage the invaluable resources and support offered by the competition to refine their strategy and scale for growth and success.
The biggest challenge yPilot faces is talent acquisition, particularly hiring AI talent with the right skills, career objectives, passion, and corporate cultural fit — all at the right compensation levels. The hyper-competitive AI talent market is driving up costs, making attraction and retention difficult. To mitigate this, yPilot is creating an attractive work environment, sourcing employees interested in long-term career opportunities, and leveraging government programs to offset salary costs. Local support systems like government grants and the NVBC competition are crucial for early AI startups, providing the financial and networking support needed to navigate these challenges successfully.
About the Founders
Todd Winship, CEO & Co-Founder
Fun Fact: Todd is the 4th best golfer in his household of 4.
Rayce Rossum, CTO & Co-Founder
Fun Fact: Rayce is the 2nd best rock climber in his household of 2.
Company Cheatsheet:
City: Vancouver
Founded: May 1, 2024
Sector: AI / Fintech
