According to Forbes, Parcha AI, a generative artificial intelligence fintech startup founded by former Coinbase senior product director AJ Asver, announced the completion of a $5 million seed round of financing, with participation from Kindred Ventures and Initialized Capital as well as angel investors YC President Garry Tan, Datadog President Amit Agarwal and Google Product Vice President Bradley Horowitz. The funds will be used to continue building its products and hiring more employees.

Parcha AI mainly helps fintech companies, including crypto companies, to automate manual labor, using large language models to handle fraud detection, understand business compliance, customer acquisition and other operations. Its current customers include crypto payment company Bridge and US financial services and technology company Brex.