Blackstone reportedly sets up $10 bln test of banks’ AI risk
BX•Blackstone and Warburg Pincus are seeking a buyer for IntraFi for a combined $10 billion, a sale that could test investor confidence in the reciprocal deposit network’s business amid concerns about AI agents.
1. A $10 billion sale process
Blackstone and Warburg Pincus are seeking to sell their stakes in IntraFi for a combined $10 billion. IntraFi’s network splits and swaps deposits above the $250,000 federal insurance cap among member banks, allowing customers to receive full insurance coverage across linked accounts.
2. AI poses a potential challenge
AI agents could theoretically automate the movement of deposits among accounts, replicating part of IntraFi’s service. The threat remains theoretical, and IntraFi’s value also includes giving businesses a single point of contact with a lender. Some banks, including JPMorgan, have said they would restrict agents’ access.
3. Valuation and investment
Including $4.8 billion of debt, a $10 billion sale price would value IntraFi at about 24 times its reported $630 million in annual EBITDA. Blackstone invested $2.5 billion in 2019 and has received nearly $3 billion in dividends since then.
