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Robinhood Markets (NASDAQ:HOOD) announced on Monday the acquisition of Pluto Capital, which was described as a research platform powered by artificial intelligence that aims to deliver highly customized investment strategies based on customer needs and financial goals. The company said Pluto Founder/CEO Jacob Sansbury has joined the Robinhood (HOOD) team to accelerate the product roadmap and help integrate AI-powered capabilities across the platform.
In the area of data analysis, Pluto’s advanced data analytics capabilities is expected to help Robinhood (HOOD) by processing and interpreting market data more efficiently through state-of-the-art large language models with access to real-time personal and global financial data.
Robinhood Markets (HOOD) has strategically expanded its offerings through several key acquisitions over the last few years. In August 2021, the company acquired Say Technologies for $140 million. Later that year, in December 2021, Robinhood purchased Cove Markets, a cryptocurrency trading platform developer, to bolster its digital asset offerings. In June 2023, Robinhood made a significant move into the credit card market by acquiring X1, a startup offering a no-fee, income-based credit card with rewards, for $95 million. That acquisition was rebranded as Robinhood Card.
