Digital financial services application Sufi Provided an investment platform powered by artificial intelligence.
Composer by SoFi, announced on Tuesday (June 23), is designed to allow investors to employ artificial intelligence to develop, test and automate investment strategies using natural language.
This comes after the company acquired Composer StockSoFi said in a press release provided to PYMNTS.
“Composer has built one of the most innovative AI-powered investment platforms available to retail investors today,” he said. Anthony NotoCEO of SoFi.
“Our acquisition of Composer reflects SoFi’s strategy of identifying innovative technologies and exceptional teams that can enhance our ecosystem over time. As AI becomes a key part of investing, Composer by SoFi strengthens our ability to deliver robust services.” Investment tools With a simple, intuitive and accessible experience.
According to the statement, Composer allows investors to design their own strategies, while also exploring “community-driven” strategies.
Advertisement: Scroll to continue
“An investor who feels like he or she has missed out on the AI sector can search over 2,000 community-based strategies, find one focused on AI and semiconductor leaders, review how they have performed historically, and deploy it within seconds,” the statement read.
SoFi added that investors who are unsure about which direction the market will go can integrate and automate strategies designed for a variety of market environments together.
While other proxy tools use AI to make trading decisions on an ongoing basis, SoFi says Composer uses technology to help investors build “sophisticated rules-based strategies” that execute automatically and follow clear, pre-defined rules that can be optimized using specific weights, conditions and filters.
“This means that investors maintain visibility into how their strategies work and can evaluate historical performance across different market environments before deciding whether to activate the strategy,” the company added.
As PYMNTS wrote last month, Noto has shaped SoFi’s strategy around helping members manage their money Holistically Instead of offering isolated products.
“Our critical success factor is helping people spend less than they earn and invest the rest,” Noto said during an earnings call.
He added that consumers are increasingly in need Financial guidance “For all the days in between,” not just for major financial decisions.
SoFi was also recently acquired Peach financinga lending infrastructure startup specializing in loan servicing software.
“This acquisition represents a Huge expansion “SoFi’s business model, which has evolved beyond providing consumer financial products to providing a robust infrastructure layer for third-party banks and fintech companies,” PYMNTS wrote last month. “By integrating Peach’s specialized software, SoFi adds a critical component to its enterprise ecosystem.”
