Nubank Accelerates Artificial Intelligence Strategy with Hyperplane Acquisition

Digital banking platform Nubank has acquired data analytics firm Hyperplane, saying the move will accelerate its artificial intelligence (AI)-first strategy.

By adding Hyperplane’s capabilities to Nubank’s existing artificial intelligence resources, Nubank will be able to offer its customers smarter, fairer and more personalized financial products and services, the companies said in a press release on Wednesday (June 26).

“Nubank’s mission since its founding has been to combat complexity and empower fanatical customers,” David Vélez, founder and CEO of Nubank, said in the release. “Our early investments in artificial intelligence, combined with the impressive infrastructure and talent that the Hyperplane team has been able to assemble, will accelerate our mission.”

Nubank, whose digital banking platform serves more than 100 million customers in Brazil, Mexico and Colombia, currently processes petabytes of data per day using its existing data and analytics infrastructure, according to the release.

Hyperplane, whose data analytics platform helps banks use their own data to create personalized customer experiences, has designed its AI systems to be able to ingest and analyze unstructured data at scale, the release said.

According to the press release, following the acquisition by Nubank, Hyperplane will support the core machine learning (ML) capabilities of the digital banking platform and build foundational models that product and engineering teams will use to create connections between broad contexts, generate insights, support decision-making and improving customer experiences.

“There are fundamental investments that a financial platform must make to be able to realize artificial intelligence,” Felipe Lamounier, co-founder of Hyperplane, said in the release. “Nubank is the perfect home to accelerate our vision of hyper-personalized consumer banking due to its maturity of data stack and culture of innovation.”

According to a collaboration between PYMNTS Intelligence and AI-ID, generative artificial intelligence is revolutionizing finance and banking, and applications of the technology range from personalized customer services to anti-money laundering (AML) programs. “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.”

In May, Nubank crossed the 100 million customer mark, at the time claiming to be the first digital banking platform to do so outside Asia.

In a May 8 press release announcing the achievement, Vélez attributed the platform’s growth to “the power of a truly customer-centric business model.”