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Bitpanda invests $10m in AI to “revolutionise” wealth creation

The new division will deliver AI-driven products and customisable investing features.

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Eric Demuth/Bitpanda.

Austrian fintech Bitpanda is investing $10m into artificial intelligence to establish

The investment marks the first move towards establishing a dedicated AI division for the company, which was founded by Eric Demuth, Paul Klanschek and Christian Trummer in 2014.

On a mission to simplify wealth creation, Bitpanda is seeking to further simplify investing with the new, customisable AI tools.

While it plans to create a suite of AI-powered products, the first is currently set to be a “fully conversational” AI application that will function as a personalised wealth manager.

It described embracing artificial intelligence as a “natural next step” in its strategy of wealth creation for everyone and for financial freedom.

“Historically, investing was only for wealthy people, but fintechs like Bitpanda made it accessible to everyone thanks to blockchain technology,” Bitpanda founder and co-CEO Demuth said.

“AI is the next technology that will reshape personal finance. Today, personal wealth managers are only for the rich, but we will change that by making them accessible to everyone.”

Demuth summarised as, “AI driven, fully personalised and accessible 24/7 from the phones in their pockets.”

The new platform will focus on creating and delivering new AI-driven products and investing features, as the company plans to work on an entire new product range with products including personalised investment ideas, automated portfolio strategies and real-time market analysis.

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