Fintech company Prometheus Technologies is in the process of establishing a base in Malta with the aim of benefitting from the University of Malta’s wave of post-graduate talent in machine learning and investment research.

The Company’s investment will be supported through financial backing from Malta Enterprise, which will be up to €1 million.

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.”

He added that the support will be used to greatly increase the Company’s research and development (R&D) efforts in AI technology and values-driven impact investing, to follow its mission to “truly personalise asset management and through our partners, deliver institutional grade investing to retail customers for the first time.”

Prometheus Technologies CEO Grigorios Papamanousakis / Prometheus Technologies

“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,” Mr Papamanousakis added.

Prometheus also has offices in the United States, the United Kingdom and Greece.

Malta Enterprise CEO Kurt Farrugia welcomed Prometheus to Malta’s growing list of fintech start-ups.

“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 start-ups,” Mr Farrugia said.

Vedra Partners CEO and Prometheus Board Advisor James Hughes, who was previously Global Head of Dynamic Solutions at Natixis Investment Managers and Global Head of Solutions at Aberdeen Asset Management, highlighted Prometheus’s “unique” delivery of personalised 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,” Mr Hughes said.

“The opportunity to allow individuals to invest based on their own values creates a significant edge,” he concluded.

The Company’s leadership, investors and advisors have a wealth of experience in asset management, with plenty of members of the team being former Aberdeen Asset Management professionals and pioneers in machine learning investing.

Prometheus has been working on this growth strategy for the last two years.

The Company seeks to enable partners, including fintech’s, banks, brokers, insurers, and pension providers “to offer scalable, accessible and institutional grade investing to their retail customers.”

Prometheus has developed a turnkey solution that is based on AI investing, which “offers alpha generation, as well as enabling each investor to have a personalised portfolio, and is designed to scale.”