When Varun Agarwal decided to leave his prestigious position at JPMorgan Chase to join an AI investment bank, many colleagues questioned his judgment. Yet for Agarwal, the move represented a strategic evolution in his investment banking career—one that has already provided more substantial dealmaking experience than his traditional banking role. “I get more dealmaking experience at OffDeal than at JPMorgan,” Agarwal confirms, highlighting how artificial intelligence is reshaping financial services.
The Traditional Banking Foundation
Agarwal’s journey began with what many finance graduates consider the safe path. After studying at the University of Minnesota, where he noted few peers pursued entrepreneurship, he entered traditional investment banking. “Investment banking felt like a good way to build up my skills in case the right startup opportunity emerged,” he explains. His three-year stint took him from Piper Sandler to JPMorgan, both roles fortuitously located in the Bay Area where he absorbed Silicon Valley’s innovative spirit.
Working with major corporations taught Agarwal valuable skills in financial modeling, business evaluation, and efficient task management. However, witnessing young founders building successful companies sparked his entrepreneurial curiosity. “Seeing 21-year-olds start companies and raise millions was exhilarating,” he recalls. “I thought, ‘Why can’t I do that too?'”
Discovering AI-Powered Investment Banking
The turning point came when Agarwal discovered OffDeal, an AI-native investment bank founded by Ori Eldarov. “I was drawn to OffDeal’s mission and its use of AI to address the exact pain points I experienced as a junior banker at JPMorgan,” he says. The timing aligns with broader industry trends, as new legislation is likely to drive AI adoption rates across financial sectors according to recent analysis.
What particularly resonated with Agarwal was OffDeal’s focus on small businesses—a personal connection since his mother runs a dental practice. “Growing up, I saw that most business brokers couldn’t run proper Wall Street-level processes for small business transactions,” he notes. This gap in the market presented exactly the opportunity he’d been preparing for.
How AI Transforms Dealmaking Efficiency
OffDeal’s innovative approach centers on two-person teams pairing bankers with engineers, a structure that dramatically accelerates deal processes. “We work much faster than traditional banks,” Agarwal emphasizes. “At bulge bracket banks like JPMorgan, company valuation could take weeks, whereas our AI-enhanced processes achieve similar results in days.”
The efficiency gains reflect broader technological shifts in the industry. As the AI race escalates with the US tightening chip controls, financial institutions are increasingly leveraging artificial intelligence to maintain competitive advantages. Agarwal works directly with OffDeal’s founding software engineer Luis Ruiz Morel, with both professionals sharing in deal success through performance-based compensation.
The Competitive Landscape of AI Finance
AI investment banking represents an emerging sector within financial technology, with various players exploring different approaches. While OffDeal focuses on small to mid-sized business transactions, state-funded business banks are beginning direct investment in AI technologies according to additional coverage. This parallel development underscores the widespread recognition of AI’s transformative potential in finance.
The security implications of these technological advances are equally significant. How AI is rewiring security systems from alerts to answers demonstrates the broader applications of artificial intelligence that extend beyond financial analysis to operational protection, as industry experts note from related analysis.
Why Calculated Risks Pay Off
For finance professionals considering similar transitions, Agarwal offers compelling reasons why his calculated risk has yielded substantial rewards:
- Greater ownership: “Both bankers and engineers take a cut from the deals we complete, creating direct alignment with client success”
- Faster skill development: “The compressed deal timeline means I’m exposed to more transactions and learning opportunities”
- Industry transformation: “We’re building the future of investment banking rather than maintaining legacy systems”
- Personal fulfillment: “Helping small business owners achieve their goals provides meaningful impact beyond corporate banking”
Agarwal’s journey from traditional finance to AI-powered banking illustrates a broader trend of professionals leveraging their established skills in innovative environments. His experience demonstrates that sometimes the safest career move involves taking precisely calculated risks toward emerging opportunities.
This as-told-to essay is based on a conversation with Varun Agarwal, a founding employee at OffDeal. Business Insider has verified his employment and academic history.
