OpenAI has bought AI personal finance startup Hiro

In a significant move, OpenAI has acquired Hiro Finance, a startup specializing in AI-driven personal finance solutions, as announced by founder Ethan Bloch on Monday. OpenAI has since confirmed the acquisition to TechCrunch. Hiro, which received backing from prominent fintech venture capital firms such as Ribbit, General Catalyst, and Restive, will be terminating its operations on April 20, with plans to erase all data from its servers by May 13. This acquisition appears to be primarily an acquihire, as Bloch indicated that the team at Hiro will be joining OpenAI, although he did not specify the exact number of employees involved. LinkedIn profiles suggest that around ten individuals are affiliated with the startup. Founded in 2023, Hiro launched its innovative AI tool just five months ago. This application empowered users to input their financial details—like income, debts, and monthly expenses—to model various financial scenarios, aiding them in making informed decisions. Notably, Hiro was designed to excel in financial calculations, even offering a feature for users to confirm the accuracy of the results, as highlighted by Bloch in a product demonstration. The acquisition is noteworthy for several reasons. Bloch is no stranger to the fintech arena; he previously founded Digit, a digital bank that automated savings for users and was sold to Oportun in 2021 for over $200 million. Moreover, this isn’t OpenAI’s first foray into the realm of financial applications. By enhancing its team with new talent, OpenAI is likely positioning itself to strengthen the capabilities of ChatGPT, which is marketed as a valuable tool for business finance teams. The future of Hiro’s technology within OpenAI remains uncertain, raising questions about whether the company intends to develop a more specialized financial planning application. Additionally, this move may be strategically aimed at increasing OpenAI's appeal among users of OpenClaw, a popular robo-stock trading agent, particularly since Bloch has even developed his own trading agent named RoboBuffett. Interestingly, Bloch has shared that Hiro marks his 15th entrepreneurial venture, having embarked on his journey as a tech entrepreneur at just 13 years old. While the first 13 projects did not succeed, he successfully sold Flowtown, a social media SaaS tool, for $4.5 million and Digit for approximately $230 million. Now, he adds the acquisition by OpenAI—an organization renowned for its rapid growth and potential IPO—to his list of achievements.