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Robinhood Acquires Pluto, Adds AI Tools

Robinhood has bolstered its investing app by acquiring Pluto Capital, Inc., an AI-powered research platform
July 2, 2024

Robinhood is set to revolutionize its investment app with the integration of AI features following the acquisition of AI-powered research platform Pluto Capital, Inc. Announced on Monday, this move aims to enhance the user experience by providing quicker trend identification, personalized investment strategies, and real-time portfolio optimization.

The acquisition will see Pluto founder Jacob Sansbury join Robinhood, bringing his expertise to accelerate the app’s adoption of advanced AI technologies. Pluto’s data analysis capabilities, leveraging large language models (LLMs) with real-time access to global financial data and user-specific information, will empower investors to seize new opportunities swiftly.

Pluto’s integration will enable Robinhood to offer tailored investment advice by analyzing individual risk tolerance, investment goals, and historical behavior. This personalization aims to provide users with more accurate and effective investment strategies, enhancing their decision-making process.

Robinhood users will benefit from Pluto’s real-time updates and insights, allowing them to make informed decisions faster and optimize their portfolios for better outcomes. This dynamic approach is expected to give investors a competitive edge in the ever-changing financial markets.

Founded in 2021, Pluto has raised $4 million in seed funding, with a pre-money valuation of $12 million. The startup has garnered support from investors such as, Switch Ventures, Caffeinated Capital, and Maxime Seguineau.

“We are thrilled to welcome Pluto and Jacob Sansbury to Robinhood,” said Mayank Agarwal, VP of Engineering at Robinhood. “Their expertise in artificial intelligence and commitment to democratizing finance align perfectly with our mission. Together, we aim to bring AI-powered tools to our customers.”

Jacob Sansbury echoed this enthusiasm, stating, “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 a company that has inspired me and so many others.”

Robinhood’s acquisition of Pluto marks a significant step in its journey to enhance its platform with cutting-edge AI capabilities, ultimately aiming to provide its users with more sophisticated and personalized investment tools.

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