Achroma

ACHROMA.IO

AI for Equality in Lending and Beyond

Starting in the 1930s, New Deal programs made it possible for millions of average Americans to own a home for the first time, by lowering down payment requirements and extending the term of home loans from five to 30 years. Across the country, neighborhoods blossomed and appreciated in value, allowing millions of Americans to start building home equity, which then compounded and passed to future generations. But not everyone got to take part; between 1934 and 1962, 98% of government-backed home loans went to white families. While we’ve come a long way since the Civil Rights Movement, there’s still a distance to travel, and progressively minded banks want to be part of the solution.

Introducing Achroma

Incubated at Spire, Achroma is a social enterprise committed to eliminating bias and discrimination in a number of areas, starting with mortgage lending. Achroma utilizes proprietary, AI-based de-identification and scoring technology to remove the possibility of explicit and implicit bias based not just on race and ethnicity, but also religion, gender and orientation in applications processes.

Driven by Design Thinking

Through the process of design thinking, Achroma has traveled the path quickly from concept to revenue-generating product. Getting there required experimentation and rapid prototyping, in order to hone in on a value proposition and custom software that banks couldn’t resist.

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