Brazilian neobank Nubank has acquired Hyperplane, a Silicon Valley-based data intelligence company, in a move to expedite its artificial intelligence (AI)-first strategy.
The financial terms of the deal were not revealed.
Established in 2022, Hyperplane is engaged in using proprietary foundation models to deliver high-quality financial services to millions of individuals.
The data intelligence platform allows financial institutions to train, test, and implement self-supervised, deep-learning models on first-party data to enhance decision-making processes.
Financial organisations can also leverage Hyperplane to develop hyper-personalised customer experiences fitted to each customer’s unique financial requirements and goals.
Hyperplan had raised $6m in investments from SV Angel, Lachy Groom, Clocktower Technology Ventures, Soma Capital, Latitud, Liquid2 Ventures, Crestone VC, and Atman Capital.
Hyperplane co-founder Felipe Lamounier said: “There are fundamental investments a financial platform has to make to execute on AI.
“Nubank is the perfect home to accelerate our vision of hyper-personalised consumer banking because of the maturity of their data stack and a culture of innovation.”
Through the acquisition, Nubank aims to bring a more smart, fair, and tailored financial products and services to its customers.
Besides, the deal will help the neobank in establishing connections between broad contexts and producing valuable insights.
Nubank will also be able to support decision-making as well as facilitate a seamless experience for its customers.
According to Nubank, Hyperplane will drive its core machine learning capabilities. The latter will build foundational models that the product and engineering teams utilise to enhance customer experience at all the steps of their journey.
Furthermore, Hyperplane stack is expected to support Nubank to instantly use foundational models across multiple areas and implement the next generations of intelligence.
Nubank founder and CEO David Vélez said: “Nubank´s mission since its founding is to fight complexity and empower fanatical customers. Our early investments in AI, coupled with the impressive infrastructure and talent that Hyperplane team has been able to put together, will accelerate our mission.
“Consumers globally will access not only the very best financial products but also receive truly customised financial advice that empowers them to live a better life.”
