US trading platform Robinhood has acquired Pluto Capital, an AI-powered investment research platform for an undisclosed sum.
Pluto’s founder and chief executive Jacob Sansbury has joined the Robinhood executive to help integrate AI-powered capabilities across the Robinhood platform.
Following the acquisition, Robinhood said its users will have access to customised investment strategies based on their needs and financial goals.
Pluto processes and interpret market data using large language modes (LLMs) using real-time financial data which Robinhood said can identify trends and opportunities faster.
“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,said Mayank Agarwal, VP of engineering at Robinhood. “Importantly, their expertise in artificial intelligence coupled with a mission-aligned passion to democratise finance will complement our team’s effort to bring AI powered tools to our customers.”
Last month Robinhood announced plans to buy global crypto exchange Bitstamp in a $200 million deal.The company said that the move would “significantly accelerate” its expansion worldwide, with Bitstamp holding over 50 active licenses and registrations globally.
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