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News

OpenAI Partners With Stripe To Monetize AI Tools, Expand Its Reach In Fintech Industry

March 16, 2023 - Around 3 mins mins to read

Key Points:

  • OpenAI partners with Stripe to monetize its AI tools, including ChatGPT and Dall-E.
  • The firm launches the latest version of its technology, GPT-4, which can extract specific information from corporate earnings reports and US federal tax codes.
  • Stripe will provide payment billing and checkout features, automation, and tax compliance technology. It will also take a small percentage of transactions going through its platform.
OpenAI has announced that it will partner with Stripe Inc. to facilitate monetizing its artificial intelligence (AI) tools, including ChatGPT and Dall-E, as per Bloomberg. The firm launched the latest version of its technology, GPT-4, this week. Stripe will provide payment billing and checkout features, as well as automation and tax compliance technology.
OpenAI Partners With Stripe To Monetize AI Tools, Expand Its Reach In Fintech Industry

Previously, OpenAI stated that Morgan Stanley uses GPT-4 to organize data, while Stripe tests whether it will help combat fraud. Other customers include language learning company Duolingo Inc., the Khan Academy, and the Icelandic government.

Greg Brockman, president and co-founder of OpenAI, said that the new version is better at finding specific information in a corporate earnings report or providing an answer about a detailed part of the US federal tax code. He explained that GPT-4 can comb through “dense business legalese” to find a solution.

OpenAI first unveiled it’s $20 a month premium subscription offering in February, following the widespread public interest in its chatbot. According to David Singleton, chief technology officer at Stripe, Stripe will take a small percentage of the transactions that go through its platforms. The partnership means that Stripe will integrate OpenAI’s new technology into its products and services, and it is currently experimenting with 14 pieces of GPT infrastructure.

For Stripe, the partnership with OpenAI comes as a fillip, as it cut its internal valuation by 11% to $63 billion in January amid a wider slump in the fintech industry. The collaboration will help both companies leverage each other’s expertise, benefiting their respective customer bases.

OpenAI’s GPT-4 technology has been gaining traction, as it has already attracted the attention of several large organizations. The partnership with Stripe will further its efforts to monetize its tools as it expands its customer base and product offerings. With the increasing demand for AI-driven tools, OpenAI’s GPT-4 technology is well-positioned to address the growing needs of businesses and individuals looking to leverage the power of AI.

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Thana

Coincu News

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Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.