The largest retail investment platform Robin Hood announced on Monday that it had acquired Pluto, an AI-powered investment advisory company positioned to guide “Generation Z” on their financial futures.
While the use of AI to analyze markets and develop investment strategies is becoming increasingly common, the acquisition appears to be Robinhood's first step in bringing the technology to its more than 10 million monthly active users. is the first step.
Mayank Agarwal, Robin Hood's VP of engineering, said in the announcement that the company looks to leverage Pluto's “expertise in artificial intelligence as well as a passion for a mission to democratize finance with our team's AI-powered solutions.” To meet the effort to deliver the devices to our customers.”
Pluto offers web-based services such as advanced data analysis, personalized investment strategies, real-time insights, and portfolio optimization.Judgment-Free Conversational AI.” as “Investing Pilot” Its system uses advanced language models to process market data, quickly identify trends and opportunities, and generate investment recommendations for individual customer profiles based on risk tolerance and financial goals. By providing advanced data analytics.
Pluto has since taken its service offline, labeling its website as “for informational purposes only”.
Pluto's founder and CEO is Jacob Sansbury, who started the company at age 24 and is celebrated as “Gen Z Boss” on Pluto's TikTok channel. He previously worked on NVIDIA's cloud gaming service and, according to Robinhood, was the youngest engineer at Bridgewater, Connecticut-based asset manager, where he worked on “quantitative finance and managed investments.”
Sansbury will now join Robinhood and “help integrate AI-powered capabilities across the Robinhood platform,” the company said.
“Robinhood is an ideal destination to develop products that democratize access to financial services such as wealth management and financial planning through cutting-edge AI,” Sansbury said in the announcement.
Robinhood and its mobile apps are known for providing retail investors with a user-friendly interface to trade stocks, options and cryptocurrencies. Its reach gave the platform a big role in the “meme stock” craze of 2021, which saw individual investors rally behind the stock of companies like GameStop, confounding Wall Street.
The company has recently been expanding its offerings, adding services such as retirement products and credit cards. Last month, Robinhood acquired Bitstamp, a cryptocurrency exchange, for $200 million.
Edited by Ryan Ozawa.