OpenAI Acquires Hiro Finance, Shuts Down App and Onboards Team

OpenAI has acquired Hiro Finance, an AI personal finance startup. Hiro's founder, Ethan Bloch, announced the acquisition on LinkedIn. The company will shut down its services, with the app ceasing operations on April 20. All user data stored on Hiro's servers will be deleted by May 13.

Key Highlights

• OpenAI acquired AI personal finance startup Hiro Finance in a talent-focused deal
• Hiro Finance app will stop operating on April 20 and delete all user data by May 13
• Hiro employees, estimated at about 10, will join OpenAI after the acquisition
• Founder Ethan Bloch previously sold Digit to Oportun for over $200 million in 2021

Details of the Acquisition

Hiro Finance employees will join OpenAI as part of the deal. The exact number of employees moving was not disclosed, but LinkedIn lists about 10 people connected to Hiro. The acquisition appears to focus on acquiring talent rather than technology alone.

Hiro Finance was founded in 2023. The company launched an AI-powered financial planning tool to help users make informed financial decisions. The app required users to input salary, debts, savings, and monthly expenses. Using this information, Hiro's AI simulated different financial scenarios to guide users before making important choices.

Background and Future Plans

Ethan Bloch has a history in fintech. Before Hiro, he founded Digit, a digital banking service that helped users save money automatically. Digit was acquired by Oportun in 2021 for over $200 million, according to TechCrunch.

OpenAI has not announced plans to launch a dedicated financial planning product. However, the acquisition suggests OpenAI is exploring ways to expand AI tools for personal and business finance.

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Ayushi, Chief Copy Editor at Digit, covers breaking tech news and smartphone reviews. She previously worked with the editorial team at IANS.