LMArena, the open community platform for evaluating the best AI models, has secured $100 million in seed funding led by a16z and UC Investments (University of California) with participation from Lightspeed, Laude Ventures, Felicis, Kleiner Perkins and The House Fund. In a space moving at breakneck speed, LMArena is building something foundational: a neutral, reproducible, community-driven layer of infrastructure that allows researchers, developers, and users to understand how models actually perform in the real world. Over four hundred model evaluations have already been made on the platform, with over 3 millions votes cast, helping shape both proprietary and open-source models across the industry, including those from Google, OpenAI, Meta, and xAI. The new LMArena includes: a rebuilt UI, mobile-first design, lower latency, and new features like saved chat history and endless chat. The legacy site will remain live for a while, but all future innovation is happening on lmarena.ai. Backers say what makes LMArena different is not just the product, but the principles behind it. Evaluation is open, the leaderboard mechanics are published, and all models are tested with diverse, real-world prompts. This approach makes it possible to explore in-depth how AI performs across a range of use cases.
Open community platform for AI reliability and evaluation allows testing AI models with diverse, real-world prompts across a range of use cases; sees over 400 model evaluations, with over 3 millions votes cast on its platforms
LMArena, the open community platform for evaluating the best AI models, has secured $100 million in seed funding led by a16z and UC Investments (University of California) with participation from Lightspeed, Laude Ventures, Felicis, Kleiner Perkins and The House Fund. In a space moving at breakneck speed, LMArena is building something foundational: a neutral, reproducible, community-driven layer of infrastructure that allows researchers, developers, and users to understand how models actually perform in the real world. Over four hundred model evaluations have already been made on the platform, with over 3 millions votes cast, helping shape both proprietary and open-source models across the industry, including those from Google, OpenAI, Meta, and xAI. The new LMArena includes: a rebuilt UI, mobile-first design, lower latency, and new features like saved chat history and endless chat. The legacy site will remain live for a while, but all future innovation is happening on lmarena.ai. Backers say what makes LMArena different is not just the product, but the principles behind it. Evaluation is open, the leaderboard mechanics are published, and all models are tested with diverse, real-world prompts. This approach makes it possible to explore in-depth how AI performs across a range of use cases.
Pay-i’s platform measures the revenue, costs, and profit margins of generative AI apps running on usage-based pricing models and allows predicting inference costs pre-launch to help meet profitability targets
There was little evidence, some of Goldman’s analysts pointed out, of organisations worldwide making much of a return on the $1 trillion they had invested in artificial intelligence (AI) tools. Recent research from KPMG found that enthusiasm among enterprise leaders for AI remained high, but that none were yet able to point to significant returns on investment. A Forrester paper warned that some executives might start cutting back on AI investment given their impatience for tangible returns. A study from Appen suggests AI project deployments may already be slowing. Enterprises are right to be sceptical about what GenAI is actually achieving for their businesses, David Tepper, co-founder and CEO of Seattle-based start-up Pay-i argues – and they need more scientific methodologies for analysing returns, both ahead of deployments and once new AI projects are up and running. “C-suite leaders need forecasts of likely returns and reliable proof that they are being achieved,” Tepper says. “That’s how they’ll pinpoint which GenAI business cases and deployments are genuinely creating new value.” Pay-I offers tools to help businesses measure the cost of new GenAI initiatives, broken down into granular detail; such costs are currently opaque, Tepper argues, because they depend on a broad range of factors ranging from when and how business users make use of GenAI tools to which cloud architecture that business has opted for. In addition, Pay-i’s platform allows businesses to assign specific objectives to AI deployments and then to track the extent to which these objectives are achieved – and what value is realised accordingly. The idea is to give enterprises a means to evaluate both sides of the balance sheet for any given AI use case – what it costs and what it generates.
America’s biggest banks consider consortium to reinvent the stablecoin- but requires a shared governance model, common technical standards, airtight security protocols and legislative momentum as a prerequisite
JPMorgan Chase, Bank of America, Wells Fargo and Citigroup are exploring the creation of a jointly operated, fully fiat-backed stablecoin, marking a significant shift from skepticism to strategic investment in crypto by traditional finance. The proposed consortium is reportedly considering using existing rails like Early Warning Services (operator of Zelle) and The Clearing House to develop a new kind of stablecoin infrastructure — one built by regulated entities from the ground up. Their idea? To issue a token that could eventually be used for everything from peer-to-peer payments to B2B settlements, all potentially under the watchful eye of federal regulators. Because the U.S. stablecoin landscape has not yet found shelter under a clear regulatory framework, the banks are still in the exploratory phase, with a shared commitment to finding a model that’s compliant, scalable and secure. Their proposed stablecoin would be fully backed by fiat held at the banks and function similarly to other stablecoins, but with a key differentiator: trust in institutional governance. This vision is a clear departure from the early crypto ethos of disrupting incumbents. Instead, it’s a bet that those same incumbents are best positioned to bring digital dollars into the mainstream. creating a stablecoin is one thing. Coordinating among multiple banks — each with its own technology stack, risk appetite and strategic priorities — is another. This kind of collaboration will require a shared governance model, common technical standards and airtight security protocols.That’s why, for banks, the legislative momentum in the U.S. is a prerequisite. Institutions like JPMorgan and BofA are unlikely to risk their core operations on loosely regulated ventures. Instead, they see regulation as a moat, a way to differentiate themselves from crypto-native competitors and legitimize the space.
Marqeta plans white label app that will allow customers to establish a track record for card programs without having to embed Marqeta’s solution into its app or website right out the gate
Marqeta has been making moves to add new revenue sources in addition to Jack Dorsey’s Block under the leadership of Mike Milotich. The plan is diversification through growth, a task easier said than done against the backdrop of macroeconomic and regulatory uncertainty. Milotich currently serves as Marqeta’s interim CEO as well as its chief financial officer. Broadly, flexible planning and an emphasis on execution will help Marqeta as an organization reach those goals, he said. The fintech has started planning in quarterly chunks, with mid-quarter check-ins to assess market conditions. Specifically, Marqeta is looking to broaden its customer base with new products, Milotich said, including an expansion into credit card issuing, the addition of more value-added services, such as tokenization and risk services, and new program management services, where Marqeta runs the card program on behalf of the client. “Before, [program management services] used to be more of a bundle, and now we’re breaking them up into more a la carte services, which allows our customers a little more flexibility to pick and choose,” he said. The card issuing fintech is also looking to expand abroad, with its pending acquisition of TransAct Pay, a European-based BIN sponsorship, e-money licensing and virtual account services company that will allow Marqeta to offer more robust card programs to its multinational clients. “Non-Block [total payment volume] saw continued strength and little to no macro-disruption”, Keybanc Capital Markets analyst Alex Markgraff wrote in a research note. “We view the print as generally positive with respect to new-business, non-Block growth, and macro-related resilience to date. Non-Block TPV grew roughly twice as fast as Block.” Block-related revenue was less than half – 45% – of Marqeta’s total revenue at the end of the quarter, down from 74% at the end of 2022. Marqeta’s biggest bets to increase the diversity of its clientele revolve around creating tools that make doing business with the fintech easier. To that end, Marqeta is launching a white label app that will allow customers to stand up a card program without heavy integration, Milotich said. The white label app will allow customers to establish a track record for the card program without having to go through the process of embedding Marqeta’s solution into its app or website right out the gate, The white label app is built with the tools that power its UX Toolkit, a selection of application programming interfaces released in 2024 that are designed to allow customers to more easily embed the card solutions into their app or website. At its core, the white label app is a time-to-market tool.
Wells Fargo’s business data leader stresses the importance of stepping back to assess systemic risk rather than overemphasizing isolated errors in continuous auditing workflows
Nathaniel Bell is the Corporate Functions Business Data Leader at Wells Fargo, where he specializes in optimizing data strategies to support AI initiatives and address organizational challenges. Focusing on bridging infrastructure investments and innovative AI use cases, Nate provides valuable insights into managing risks and aligning AI technologies with business objectives. For his episode in the MindBridge-sponsored series, Nathaniel highlights the ongoing tension in auditing between objectivity and subjectivity. Auditors aim to be objective, but as Nathaniel notes in his podcast appearance, they often work with human-led processes that are inherently subjective, especially when auditors and process owners have different perceptions about what constitutes a risk.
He tells the podcast audience that digital transformation, including AI, can help codify business processes, making them more structured and standardized. The shift will enable auditors to assess risks more objectively and data-driven. For example, if something breaks in a system, it becomes immediately transparent — less open to interpretation:
“I tend to focus on highly manual processes because they represent both risk and opportunity. These processes are not only time-consuming, but they also introduce a significant margin for human error. Research shows that in complex spreadsheets, we typically catch only about 70% of errors — leaving a substantial gap in accuracy and oversight. That’s why I always ask: where can we apply AI to reduce that margin of error and drive more reliable, efficient outcomes?”
Nathaniel also reflects on a common pitfall in audit workflows: getting fixated on a single issue within a process and treating it as a major risk without a broader context. He stresses the importance of stepping back to assess systemic risk rather than overemphasizing isolated errors.
Ultimately, Nathaniel believes auditors should and will spend less time on routine tasks and more time on storytelling as AI-driven automation becomes more commonplace in financial institutions. He sees the future of auditing as a discipline that leverages human talent to connect findings with broader business impact, helping stakeholders understand not just what went wrong but why it matters.
USAA taps Dell’s AI PCs leveraging enterprise-grade discrete neural processing units to provide fast and secure on-device inferencing at the edge for LLMs
Dell Technologies Inc. unveiled Dell Pro and Dell Pro Max, the latest additions to the company’s AI PC lineup. For customers such as United Services Automobile Association, Dell’s AI PC portfolio provides an opportunity to generate productivity boosts and extend AI applications throughout the organization. Dell’s AI PC offerings can facilitate a movement the company is seeing toward building intelligent workflows in-house. “We’re seeing a lot of customers now start to investigate building their own models and their own AI applications, because we’re seeing that’s where a lot of the true value is going to be with AI and the enterprise,” Jon Siegal, senior vice president of Dell portfolio marketing at Dell said. “We’re helping a number of companies out there today, and USAA is one of them, to help build these new AI applications and make sure that when they do it, they can do it once and deploy it across an AI fleet of PCs.” Dell’s new AI PC models leverage neural processing units, accelerators that can optimize AI and machine learning tasks. The Dell Pro Max Plus laptop utilizes an enterprise-grade discrete NPU to provide fast and secure on-device inferencing at the edge for large language models. NPU capabilities for AI PCs are part of what USAA is tracking as it deploys new devices within the company. The deployment of intelligent agents to perform a variety of enterprise tasks will require PCs that can handle a new set of demands that will likely include self-healing, according to Siegal.
Guild Mortgage explore servicing M&A, part of a broader trend toward increased convergence between lenders and servicers
Publicly traded lender Guild Mortgage’s parent company, Bayview Asset Management, and a servicing-related affiliate are in talks about a potential deal. One possible outcome is “the acquisition of all the common stock.” The proposed transaction could be part of a broader trend toward increased convergence between lenders and servicers epitomized by Rocket Mortgage’s plans to buy servicing giant Mr. Cooper. But while Mr. Cooper and Rocket have formally signed an acquisition agreement, Bayview, its servicing affiliate and Guild Holdings said there is no guarantee they will reach a deal. Other potential transactions Bayview and Guild said they have discussed include “asset purchases or other business combinations.” The two also said “a significant minority investment” is possible. Bayview currently holds a 7.3% stake in Guild’s class A common stock. It has less than 1% of the total voting power of Guild’s outstanding common shares. Guild said confirming core details of the securities filing by Bayview and its MSR Opportunity Master Fund that it “will not comment on speculation regarding any potential transaction or its terms.” Given the current composition of the market and rate conditions, some lenders perceive servicing as essential to retaining customers and generating new loans, which may be driving some of the deals between companies with servicing affiliates and lenders.
CFPB to petition to Rescind Rule 1033 creating uncertainty in open banking
Consumer Financial Protection Bureau’s (CFPB) general counsel indicated late Friday that it will petition a U.S. District Court in Kentucky on May 30 to have the rule rescinded. The action took place as part of a status report from the bureau in its defense regarding a lawsuit filed against it and acting Chairman Russell Vought by several banks and the Bank Policy Institute (BPI). BPI and co-plaintiffs argued that the CFPB lacks the authority to mandate free, comprehensive data-sharing and that the rule risks undermining safer, emerging private-sector open banking efforts. They also raised concerns about the rule’s potential to increase fraud and scams, fail to hold third parties accountable, and allow third parties to profit from systems built by banks. “After reviewing the rule and considering the issues that this case presents, Bureau leadership has determined that the rule is unlawful and should be set aside,” the CFPB stated in a court document released late Friday. “To that end defendants intend to file a motion for summary judgment by May 30th, 2025, the date that this court had set for plaintiffs in its March 27th order.” As has been the case with the bureau’s recent announcements, including the recession of the BNPL/Credit Card rule, details were scarce, and reactions muted due to the holiday weekend. The industry will now spend the week identifying and scenario planning for life without the rule, which was enacted in October 2024 and went into phased enforcement in January.
U.S. Bank to be official banking and wealth management partner of lacrosse leagues- halftime storytelling series spotlights individuals overcoming adversity, in-game feature providing access to mic’d-up players
The Premier Lacrosse League (PLL) and Women’s Lacrosse League (WLL) announced today a multi-year partnership with U.S. Bank, establishing it as the Official Banking and Wealth Management Partner of both leagues. The partnership, which begins with the 2025 season launching May 30, represents a strategic investment in the growth of professional lacrosse. “We’re excited to partner with the leagues and athletes growing the game of lacrosse and connecting with its 48 million fans across the country,” said Michael Lacorazza, chief marketing officer for U.S. Bank. “This is more than a sponsorship—it’s a commitment to the people and passion driving the game forward. We’re confident that by showing up with purpose, we’ll deliver a meaningful impact—not just for our brand, but for the communities and people that make this sport so special.” To bring that commitment to life, U.S. Bank will activate a series of creative and purpose-driven fan experiences throughout the season:
PLL Play– Through investment in PLL Play, U.S. Bank will support grassroots development by expanding access to youth lacrosse nationwide, acknowledging research showing the strong link between participation in the sport and academic achievement, personal development and long-term wealth generation.
Champions: Power of Us– A powerful halftime storytelling series spotlighting individuals who not only overcome significant adversity but also lean on – and give back to – the teams around them. By showcasing the collective strength that emerges when neighbors, teammates and partners unite, the series underscores the bank’s campaign of the “Power of Us” and how success is rarely a solo act.
PLL Assists– U.S. Bank will support programs growing the sport in communities, recognizing that lacrosse builds not just athletes, but also futures.
Under the Helmet– An in-game feature providing access to mic’d-up players showcasing the power of teamwork through communication—values that sit at the heart of both organizations.