Trading app Robinhood agrees deal with Pluto Capital to tap into AI

FILE PHOTO: The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File PhotoRobinhood Markets said on Monday it had bought artificial intelligence-powered investment platform Pluto Capital, adding the trading app to a growing list of companies looking to offer AI tools to customers.

The Menlo Park, California-based company said the deal will give investors on its platform access to enhanced data analysis, personalized investment strategies as well as real-time insights and portfolio optimization. The company's popularity and appeal is immortalized in the retail trading saga of 2021, when it became the platform of choice for retail investors who used it to pump money into so-called"meme stocks" during the pandemic-era lockdowns.

Last month, it agreed to buy crypto exchange Bitstamp for about $200 million in cash, in what was its biggest-ever deal.

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