Robinhood Acquires Pluto, AI Investment Research Platform
KEY FACT: Robinhood Markets, Inc. has announced the acquisition of an Pluto Capital Inc., an artificial intelligence (AI) powered investment research platform, to provide investors with intelligent, data-driven investing experience at Robinhood.
Image Source - Robinhood
Robinhood Acquires Pluto, AI Investment Research Platform
Robinhood Markets, Inc. has announced the acquisition of an Pluto Capital Inc., an artificial intelligence (AI) powered investment research platform, to provide investors with intelligent, data-driven investing experience at Robinhood. The acquisition was communicated through a blog post as well as an X Post.
Robinhood Markets, Inc. is officially acquiring Pluto Capital, Inc. 🤝 X Post
Pluto Capital is an artificial intelligence (AI) powered investment research platform, that delivers highly-customized investment strategies based on customer needs and financial goals
The integration of the Pluto infrastructure into Robinhood will provide investors unique access to enhanced data analysis, personalized investment strategies, and real-time Insights and portfolio optimization. Pluto's AI tool will help optimize investors’ portfolios by assessing the risk tolerance, investment objectives and past trades made by each Robinhood user.
The acquisition is considered strategic, such that the Pluto Founder and CEO, Jacob Sansbury, will join the Robinhood team to accelerate product roadmap and help integrate AI-powered capabilities across the Robinhood platform.
Pluto’s advanced data analytics capabilities aids the processing and interpretation of market data more efficiently by providing state of the art large language models (LLMs) with access to real-time personal and global financial data, for quicker identification of trends and opportunities, providing investors with a competitive edge.
Mayank Agarwal, VP of Engineering at Robinhood has expressed optimism about the acquisition harping on Pluto's mission-aligned passion to democratize finance.
“We are thrilled to welcome Pluto and Jacob Sansbury to Robinhood. 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.”
Without a doubt, Pluto’s large language models have real-time insights on global financial data such as stock prices, news articles, company financials and report cards and filings made to and from the U.S. Securities and Exchange Commission. This will help Robinhood users
Moreover, the algorithm of the AI investment platform is tailored to individual customer profiles. By analyzing factors such as risk tolerance, investment goals, and historical behavior, the platform offers highly customized recommendations.
Jacob Sansbury, CEO of Pluto has expressed willingness to work with the Robinhood team to innovate financial solutions to the teaming users.
“Robinhood is the ideal destination to build products that democratize access to financial services like wealth management and financial planning through state of the art AI. I look forward to innovating at the company which has inspired me and so many others”.
Meanwhile, Robinhood bought cryptocurrency exchange Bitstamp for $200 million last month which it will use to serve institutional clients in the United States. Robinhood currently has 23.9 million funded customers, 13.7 million monthly active users, and $130 billion in assets under custody. Robinhood’s (HOOD) stocks are trading at $22.29 on June 2, decreasing -2.22% on the day, according to Google Finance data.
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