Last Updated on Wednesday, 1 June, 2022 at 2:38 pm by Andre Camilleri
Prometheus, a fintech company with operations in Silicon Valley and Athens, Greece includes Malta in its growth plans
Prometheus Technologies is in the process of establishing a base in Malta and will benefit from the very high calibre of post-graduate talent in machine learning and investment research which is fostered by the University of Malta.
This investment will be supported through financial backing from Malta Enterprise, the development agency of the Maltese Government of up to €1M.
Prometheus’ CEO, Grigorios Papamanousakis, said: “We are delighted to be expanding our presence in Europe via this support from Malta Enterprise and we look forward to extending our lead in delivering values-driven, AI investing into the retail market.
This support will be used to greatly increase our R&D efforts in the areas of AI technology and values-driven impact investing. Our mission is to truly personalize asset management and, through our partners, deliver institutional grade investing to retail customers for the first time. Our Maltese R&D team will help build the technology to deliver a solution through which investors can have control over how their money is invested and quantify the impact of their investments in the society and the world in general”.
Malta Enterprise Chief Executive Officer Kurt Farrugia said: “We welcome Prometheus Technologies to the growing list of fintech startups from which we are seeing a growing interest in Malta. Choosing the Maltese ecosystem for its supportive environment and Malta as their operational base as they develop their innovative intellectual property in partnership with our world class University and talent pool demonstrates the fruitful results of Malta Enterprise’s assistance for startups’’.
James Hughes, Chief Executive Officer of Vedra Partners and board advisor at Prometheus, previously Global Head of Dynamic Solutions at Natixis Investment Managers, and Global Head of Solutions at Aberdeen Asset Management said: “Prometheus is unique in delivering truly personalized asset management. The support of Malta Enterprise will help drive the company’s expansion into the banking, insurance and pension markets, ensuring that AI-driven systematic investing is available through partners to retail investors across these industries. The opportunity to allow individuals to invest based on their own values creates a significant edge”
The Company’s leadership, its investors and advisors have a strong background in asset management. Many of the team are former Aberdeen Asset Management professionals and are pioneers in machine learning investing. Prometheus has been working on the solution in stealth mode for the last two years.
Prometheus enables partners, including fintech’s, banks, brokers, insurers and pension providers, to offer scalable, accessible institutional grade investing to their retail customers. The company has developed a turnkey solution – based on AI investing – which offers alpha generation, as well as enabling each investor to have a personalized portfolio, and is designed to scale.