Aveni Announces Launch Of Domain-Based Language Model FinLLM

Scotish fintech firm Aveni has announced the launch of the first version of FinLLM, its domain-based large language model for financial services. The language model was developed by the specialist team at Aveni Labs over six months.

However, its banking partners also had input. Aveni is backed by Nationwide and Lloyds banking group. The new language model is built to meet requirements for performance, safety, and competence in accordance with AE AI Act and FCA guidance.

Aveni Continues To Partner With Lloyds And Nationwide

Last July, Nationwide and Lloyds participated in an £11 million Series A funding round to raise funds for Aveni. Both companies have been involved with all the developments within the firm, including the launch of FinLLM. The fund has been put into several expansionary projects the Scotish fintech is overseeing across the region.

Chief Data and Analytics Officer at Lloyds, Ranil Boteju, commented on the development. He stated that FinLLM will bring massive change for the UK fianncial services. After seeing the language model’s potential, Lloyds invested in its development last year. Since then, the banking giant has worked closely with the team at Aveni to make sure it launch becomes a success.

Boteju stated that he has been surprised with the ambition and progress FinLLM has recorded so far, having seen its roadmap and integration. He added that the entire team is excited about the progress of the new platform and the benefit it will bring to users when it is finally deployed in the industry and across Lloyds Banking Group.

Aveni noted that based on the tests carried out so far, FinLLM has shown consistency in performance, surpassing general-purpose LLMs on financial scale. It has also outperformed other models while maintaining performance and standard benchmark tasks.

FinLLM Will Bring Robust Benefits To Customers

Chief Data Officer at Nationwide, Sri Kanisapakkam,, also commented on the new platform. He stated that Nationwide is excited to see the first iteration of FinLLM being released, having been part of the entire developmental process through its investment.

He added that new platform’s performance has surpassed expectations during its first testing stage, and he looks forward to the robust benefits to both Nationwide and its customers.

FinLLM has not established its core capabilities, as it transitions from research into real-world deployment covering stage. The platform will now be used for oversight operations, adviser processes, and risk and compliance as it moves toward domain-specialized AI.