AQM Technologies has agreed to acquire TRaiCE, a US-based fintech company offering AI-powered business risk monitoring solutions.

This acquisition is said to aid AQM’s efforts in assisting banks with the integration of advanced technology for improved decision-making processes.

TRaiCE, supported by fintech accelerator RevTech Labs, has been utilising Large Language Models (LLMs) for risk monitoring since prior to the advent of ChatGPT.

The platform developed by TRaiCE employs AI to identify business risks, evaluate financial stability, and recognise early warning indicators, which are essential for banks catering to local economies and business clients.

The acquisition of TRaiCE is set to enhance AQM’s presence in the US banking industry, broadening its services in compliance, cybersecurity, and quality assurance.

TRaiCE CEO Sony Gabriel said: “By integrating TRaiCE’s advanced unstructured data analytics with AQM’s proven cybersecurity expertise, we’re enabling continuous, purpose-built portfolio and third-party risk monitoring tailored for banks.

“Together, we’re making sophisticated risk intelligence—once reserved for the largest financial institutions—accessible and affordable to banks of all sizes.”

AQM believes this collaboration will help both companies provide banks with tools that facilitate a shift from traditional reactive risk management to a more proactive approach centred on predictive intelligence.

TRaiCE will function as the strategic front-end of AQM’s business assurance portfolio in the US.

AQM CEO Madhav Bhadra said: “The integration of TRaiCE’s advanced risk monitoring technology into our portfolio allows us to offer proactive business assurance solutions.

“With TRaiCE, we are embedding business assurance directly into the financial services lifecycle. From software integrity to real-time business risk insights, we now provide a 360-degree view of risk that financial institutions can act on.”

AQM has a client base exceeding 200 financial institutions globally.