Wire · opportunities
Revolut Builds Its Own Banking AI: PRAGMA Foundation Model Beats Specialist Systems at Fraud
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Fusion42 · 26 August 2026 · Fusion42 review
Revolut has developed PRAGMA, an in-house AI foundation model that surpasses specialist systems in fraud detection, credit scoring, and personalisation by training on a vast dataset of banking events. However, the model’s complexity challenges European regulations that require AI decisions in credit to be explainable.
This Wire brief sits within Fusion42's coverage of Fintech, and 2 sources have reported it between 25 Aug 2026 and 26 Aug 2026.
◆ ◆ The Wire takeaway
You can no longer buy off-the-shelf AI for banking tasks without running into regulatory walls in Europe. Building your own adaptable foundation model like Revolut’s PRAGMA lets you move faster and control explainability to keep your credit and fraud products compliant.
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2 sources · first reported 25 Aug 2026 · latest 26 Aug 2026
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