23rd Jul 2024 20:52
(Alliance News) - Cykel AI PLC on Tuesday said that it has signed a strategic partnership with Shift, a community of fintech leaders.
According to the terms of the deal, Cykel - a product and research company - will provide artificial intelligence automation tools to streamline Shift's operations.
The partnership stands to give Cykel access to over 300 potential fintech clients, especially as Shift leaders cumulatively represent companies with a combined market cap of over GBP1.2 billion.
The deal should see a 40% reduction in Shift's administrative workload.
"This partnership with Shift is a significant milestone in our go-to-market strategy. It not only validates our technology but also provides us with direct access to decision-makers in the fintech sector, a key target market valued at USD245 billion globally," said Cykel Chief Executive Officer Jonathan Bixby.
Shares in Cykel AI closed 4.5% higher at 7.00 pence each in London on Tuesday.
By Holly Beveridge, Alliance News senior reporter
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