OpenAI has acquired personal finance startup Hiro Finance, as confirmed by founder Ethan Bloch and OpenAI to TechCrunch. This acquisition, characterized as an acquihire, results in Hiro shutting down its operations on April 20, with data deletion set for May 13.
The exact terms of the acquisition remain undisclosed, although Hiro’s backing includes prominent venture firms Ribbit, General Catalyst, and Restive. While Bloch indicated that employees are transitioning to OpenAI, the number of those employees is unspecified, although LinkedIn lists around ten associates connected to Hiro.
Founded in 2023, Hiro launched its AI-powered financial planning tool approximately five months ago. This application allowed users to input financial data such as income, debts, and expenses, then model various financial scenarios. Bloch emphasized that Hiro was trained specifically for financial calculations, featuring a verification function for accuracy.
Bloch previously founded Digit, a bank specializing in automated savings, which was sold to Oportun in 2021 for over $200 million. The acquisition stands out as OpenAI’s second financial app purchase, aligning with its marketing of ChatGPT as a valuable tool for business finance teams.
The motivation behind this acquisition may relate to enhancing OpenAI’s offerings in financial planning or boosting its appeal among OpenClaw users, particularly those who prefer competing services. Bloch also mentioned creating an auto-trading agent called RoboBuffett, enhancing his portfolio in fintech.
This acquisition underscores OpenAI’s rising profile, having recently achieved record growth and fundraising efforts, while also being positioned for a potential IPO. According to Bloch, Hiro was the 15th project he initiated; he previously faced failures with the first 13 attempts, while achieving success with Flowtown and Digit.
OpenAI’s focus on expanding its capabilities in the financial sector through this acquisition aims to strengthen its market position as it continues to evolve in the rapidly changing financial technology landscape.
