Nubank Acquires Hyperplane to Supercharge AI-Driven Financial Services
Nubank, the world’s largest digital banking platform outside Asia, has announced its acquisition of Hyperplane, a Silicon Valley-based data intelligence company. This strategic move, revealed on June 26, 2024, aims to accelerate Nubank’s AI-first strategy and revolutionize its digital financial services offerings.
Founded in 2022, Hyperplane specializes in using proprietary foundation models to provide high-quality financial services. The company’s platform enables financial institutions to train, evaluate, and deploy self-supervised, deep-learning models on first-party data for decision-making across various business domains such as risk, collections, and marketing.
David Vélez, founder and CEO of Nubank, emphasized the significance of this acquisition: “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.”
The integration of Hyperplane’s advanced AI capabilities into Nubank’s existing infrastructure is expected to yield immediate benefits. Nubank, which processes petabytes of data daily, will leverage Hyperplane’s AI systems to ingest and analyze unstructured data at scale, providing deeper insights into customer needs and preferences.
Felipe Lamounier, Hyperplane’s co-founder, expressed enthusiasm about the merger: “Nubank is the perfect home to accelerate our vision of hyper-personalized consumer banking because of the maturity of their data stack and a culture of innovation.”
At Nubank, Hyperplane will power the core machine learning capabilities, building foundational models that the product and engineering teams will use to create enhanced customer experiences. This integration is expected to drive innovation across Nubank’s platform, which currently serves over 100 million customers in Brazil, Mexico, and Colombia.
Vitor Olivier, Nubank’s CTO, highlighted the technological implications of the acquisition: “Hyperplane’s AI technology will seamlessly integrate into our systems, enhancing our ability to analyze vast datasets and personalize our services on a granular level. This is a significant milestone in our journey towards a smarter, AI-first banking ecosystem.”
The acquisition of Hyperplane follows Nubank’s pattern of tech-focused acquisitions, including Cognitect in 2020 and AI-powered financial management startup Olivia in 2021. This latest move underscores Nubank’s commitment to leveraging cutting-edge technology to improve its services and maintain its position as a leader in the digital banking space.
