Robinhood Markets Inc. has announced its acquisition of Pluto Capital Inc., an AI research platform renowned for its personalized investment advice and real-time analytics. The move aims to enable Robinhood to provide customized investment strategies to brokerage firm users.
Pluto’s AI-Powered Investment Solutions
Prior to the procurement, Pluto, founded by 24-year-old Jacob Sansbury, had gained recognition for its advanced AI-driven investment recommendations. As of the time of writing, the financial details of the terms of acquisition are not public knowledge.
Robinhood Markets, Inc. is officially acquiring Pluto Capital, Inc. 🤝
An artificial intelligence (AI) powered investment research platform, that delivers highly-customized investment strategies based on customer needs and financial goals. https://t.co/PPaDkbX2q0 pic.twitter.com/ie8ZGfP7ZW
— Robinhood (@RobinhoodApp) July 1, 2024
Robinhood assured investors that with the strategic acquisition of Pluto, they can look forward to a new era of intelligent, data-driven investing at the brokerage. Notably, Mayank Agarwal, Robinhood’s vice president of engineering emphasized it would boost their service delivery.
“They have built an impressive platform that is highly regarded in the financial services industry. Importantly, their expertise in artificial intelligence coupled with a mission-aligned passion to democratize finance will complement our team’s effort to bring AI-powered tools to our customers,” he stated.
Robinhood’s Strategic Expansion
Recently, Robinhood has diversified its offerings to include cryptocurrency, retirement products, and credit cards. Crypto-Vanguard reported Robinhood’s expansion of support for Shiba Inu to its app users in New York.
Meanwhile, in a notable move, Robinhood entered the Artificial Intelligence space with the launch of a new AI Research Lab dubbed Harmonic which will focus on Mathematical SuperIntelligence (MSI) development.
Despite this expansion, the company remains committed to serving the retail trader. Pluto’s platform will assist Robinhood by analyzing up-to-date market information and individual portfolios to make adapted investment recommendations.
Generally, in the industry, such customized advice is only accessible to wealthier investors, but Sansbury aims to democratize access to these services. With the recent acquisition, Robinhood users can now have access to it.
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