Is Robinhood planning to move into wealth management with new acquisition?
Fintech firm Robinhood has announced a new acquisition which will give it enhanced capabilities including AI-powered investment research.
But the deal to acquire Pluto Capital Inc. may also signal a push into the wealth management space, due to Pluto’s algorithms that produce tailored investment strategies based on individual customer profiles to offer highly customized recommendations.
Pluto CEO Jacob Sansbury specifically mentioned advisory in his statement about his firm joining the headline-grabbing stock trading and investment platform.
“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,” he said.
Sansbury has joined the Robinhood team with responsibility for accelerating its product roadmap and integrating AI-powered capabilities throughout the platform.
“We are thrilled to welcome Pluto and Jacob Sansbury to Robinhood” said Mayank Agarwal, VP of Engineering at 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.”
Along with personalized investment strategies, Pluto’s technology enables enhanced data analytics, helping investors to gain a competitive edge through the identification of emerging trends and opportunities. Investors are provided with real-time insights with AI-driven analysis.
Robinhood also recently announced its intention to acquire Bitstamp and
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