B2B Payments

Rover180 Acquires Vemity To Boost AI Capabilities

Rover180 has acquired Vemity, an Indiana-based company that specializes in artificial intelligence (AI) automation and machine learning.

Located in Indianapolis, Rover180 provides alternative supply chain finance and factoring programs. The company will now use Vemity’s technology to cut costs related to invoicing and accelerated payments for the transportation industry. In addition, it can decrease the time and effort often needed during payment processes, such as three-way matching.

Rover180’s affiliate partner, FreightRover, has also signed on to offer Vemity’s AI platform to clients in its supply chain management technology suite.

“We pride ourselves on being at the forefront of innovation in the finance industry. By capitalizing on the advances happening with artificial intelligence, we can add smarts around accelerated payments for our clients,” said Eric Meek, a Rover180 board member, in a press release. “Vemity’s autonomous machine learning model harnesses often overlooked data to reduce manual work, improve invoice accuracy and increase payment velocity for buyers and vendors along the supply chain. This move aligns so well with the ‘better, faster, more’ mentality of today’s consumers.”

Launched in 2016, Vemity’s platform enables developers to easily integrate AI and deep learning into projects, without the need for computer science or neural network theory knowledge, so companies can use their own developers to build the technology instead of hiring expensive data scientists. The platform allows users to easily create learning models based on data sets.

“The power of artificial intelligence is still widely untapped and undervalued, but the possibilities are limitless. We are thrilled to join Rover180 to become a leader in machine learning within the finance and transportation sectors. From day one, we can bring efficiencies to millions of dollars in payables to benefit businesses across the United States. Opportunities like this are why we created Vemity,” said CEO Brandon Boynton of Vemity.


Latest Insights: 

Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 edition of the FI Innovation Readiness Playbook examines how the innovation playing field is leveling as small FIs implement bolder strategies and larger banks adopt more measured approaches.


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