July 2024: Top five AI stories of the month
The topic of artificial intelligence (AI) continues to dominate headlines and narratives throughout the world of fintech. Here, we take a look back at five of the top AI stories from July, featuring Mistral AI, Intuit, Robinhood and more.
TeamSystem acquires 61% majority stake in Italian SME credit mediator Change Capital
TeamSystem acquires 61% stake in Change Capital
Italian business software solutions provider TeamSystem has acquired a 61% majority stake in Change Capital, a Milan-based fintech providing AI-backed credit mediation services for SMEs.
The acquisition is set to add over 200 financial solutions to TeamSystem’s remit, including the invoice monetisation, structured finance options, immediate liquidity, purchasing inventory and financing investments services contained within Change Capital’s CC-Suite integrated digital platform.
The platform is supported by AI-powered algorithms which analyse financial data to predict cash flow requirements.
These capabilities are to be made available to the two million customers TeamSystem claims to serve with business management software throughout Italy and Spain, consisting of predominantly SMEs and microenterprises.
Robinhood buys AI-powered investment research platform Pluto Capital
Robinhood has snapped up investment research platform Pluto Capital for an undisclosed sum, marking the digital trading platform’s second acquisition in less than a month.
Los Angeles-based Pluto leverages large language models (LLMs) and AI-powered analysis tools across its trading platform to enable users to create automated trading strategies that align with their personal appetite for investment risk.
The addition of these capabilities, along with Pluto’s Sparks programme and managed investment fund, are to be made available to traders on Robinhood’s platform in the form of enhanced data analysis, personalised investment strategies and real-time insights.
In a statement, Robinhood says Pluto will “accelerate our product roadmap and help integrate AI-powered capabilities across the Robinhood platform”.
As part of the transaction, Pluto founder and CEO, Jacob Sansbury, is to join Robinhood’s team as an “AI technologist”, according to his LinkedIn.
BNP Paribas inks multi-year deal to implement Mistral AI commercial models across all business lines
BNP Paribas signs multi-year deal with Mistral AI
Paris-headquartered banking group BNP Paribas has signed a multi-year agreement with Mistral AI, a technology start-up recently valued at $6 billion.
Mistral AI will supply the bank with various commercial models, which are to be implemented “across all the bank’s business lines”.
With this, BNP Paribas claims to now be developing “a number of use cases in its businesses across customer support, sales, IT and other areas”.
The development follows the initial formation of the partnership last September, which pertained specifically to the bank’s Global Markets division.
This opening engagement produced “strong results”, the bank says, which led to the collaboration being extended to the wider group in February.
Intuit to cut 10% of workforce amid plans to boost investment in “key growth areas” such as AI
US financial software provider Intuit is set to cut 10% of its workforce – around 1,800 employees – as the company looks to “accelerate our innovation and investments in the areas that are most important to our future success”.
A note sent to employees by CEO Sasan Goodarzi claims the Californian tech firm has identified the need to increase investment in “key growth areas” amid what he describes as the “AI revolution”.
The funds raised through the cuts will be used to hire “approximately 1,800 new people”, the note says, with a key focus on enhancing Intuit’s range of AI-driven products and services.
“Companies that aren’t prepared to take advantage of this AI revolution will fall behind and, over time, will no longer exist,” Goodarzi continues.
Starling Bank founder Anne Boden reportedly steps down from board to focus on new AI venture
Anne Boden reportedly steps down from Starling Bank’s board
Anne Boden has reportedly stepped down from her position on Starling Bank’s board, the UK-based challenger she founded in 2014, to focus on a new AI venture called AI by Boden, according to The Sunday Times.
While specific details of what the new venture may offer are currently unknown, Boden writes on LinkedIn that AI by Boden “is my platform for my personal interests in AI and industry disruption”.
The incorporation of AI by Boden in May last year coincided with the announcement that Boden had decided to step down as CEO of Starling Bank.
While it’s been suggested that AI by Boden will be her main point of focus for the foreseeable future, Boden has yet to comment on her next steps.
