Shiboleth
Shiboleth automates lending compliance for financial institutions…
Shiboleth automates consumer lending compliance for financial institutions using AI. Banks like Cross River Bank use us to save months of manual work by automating audits and drafting reports for the governments. LLMs allow whole categories of manual compliance processes to be automated in ways that weren’t possible until recently. We are excited to automate back-office operations and enhance consumer protection in one of the most litigious industries.
Active Founders
Esty Scheiner
Esty Scheiner is the CEO and Co-founder of Shiboleth. Shiboleth automates regulatory compliance for lending institutions Before Shiboleth, Esty was a Security Engineer at Invoca, developing an LLM tool for automating security compliance. She dropped out of NYU CS at 19 yr. old to become a SE at Buggy, quickly rising to manage a 6-person R&D team within a year . Additionally she is a self taught CISSP and OSCP (top compliance and hacking certs) in months instead of 5 years.
Bivu Dhungana
Bivu is a co-founder and CTO at shiboleth.ai which he founded with Esty Scheiner in late 2023. Shiboleth automates regulatory compliance for lending institutions. Bivu has a decade of experience working as a ML Engineer in logistics, banking and audio. Before Shiboleth, Bivu worked at Pindrop as an AI Engineer where he led a team for IVR fraud detection. His team's product is used by 6 of the largest 10 banks, and amounted to $10 million ARR in sales.
Company Launches
TLDR: Lending companies use us to flag compliance violations for customer interactions and create the first drafts of the reports for the government.
🚀 Shiboleth’s Y Combinator offer: We are so excited about our technology and the launch 🔥. If you are a financial institution and want to check the work of your QA team or auditor shiboleth.ai/#ycdeal, or send an email to founders@shiboleth.ai to receive a free audit of up to 20,000 calls.
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👋 Hello everyone, we are Esty and Bivu! We are building Shiboleth. If you saw a recent Garry Tan’s tweet about bookface launch live, that was us :). We were chosen as one of the top products based upon “votes from batch and YC alumni”.
Esty previously worked in the intersection of compliance and conversational intelligence. And Bivu has a decade-long experience in NLP and AI. Together, we are excited to innovate in the regulatory compliance sector, an area that is long due for innovation. We believe that automating compliance can enable smaller financial institutions to exist in the long term.
❌ The Problem: Consumer lending is very litigious and consequently, it is heavily regulated: agencies such as CFPB, FDIC, and OCC impose a lot of intentionally ambiguous regulations. Currently, the audits are extremely manual. Even with a large team of auditors, they can only check a fraction of the calls—sometimes as low as 2% which means that violations can be missed. Often, there is “just enough ambiguity” that the calls and communication warrant manual reviews. This is problematic because an internal audit system might not suffice for compliance purposes.
🤔 How does it work?: Shiboleth automatically flags compliance violations in customer interactions. It does this by syncing with the companies' runbooks, using advanced LLMs and NLP to parse relevant regulations. Our extensive database of public reviews, CFPB complaints, and enforcement actions helps us identify the most enforceable regulations and recommend appropriate mitigation actions.
You can check out the demo below.
🌤️Who Can Use Us: Our solution is designed for financial institutions, including banks, fintech companies, and non-bank lenders, that are looking to streamline their lending compliance processes and reduce costs. We are currently working with lending institutions but would be interested in hearing adjacent use cases
📫 If you want to be part of our beta, introduce us to new use cases, or just geek out Dodd-Frank in general, please free to reach out to founders@shiboleth.ai.
YC Sign Photo
