Nubank Accelerates AI-First Strategy With Hyperplane Acquisition
Digital banking platform Nubank has acquired data intelligence company Hyperplane, saying this move will accelerate its artificial intelligence (AI)-first strategy.
With the addition of Hyperplane’s capabilities to Nubank’s existing AI resources, Nubank will be able to offer its customers smarter, fairer and more personalized financial products and services, the companies said in a Wednesday (June 26) press release.
“Nubank’s mission since its founding is to fight complexity and empower fanatical customers,” David Vélez, founder and CEO of Nubank, said in the release. “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.”
Nubank, whose digital banking platform serves over 100 million customers across Brazil, Mexico and Colombia, currently processes petabytes of data daily using its existing data infrastructure and analytics, according to the release.
Hyperplane, whose data intelligence platform helps banks use their first-party data to create personalized customer experiences, designed its AI systems to ingest and analyze unstructured data at scale, the release said.
Following its acquisition by Nubank, Hyperplane will power the digital banking platform’s core machine learning (ML) capabilities and build foundational models that the product and engineering teams use to create connections between broad contexts, generate insights, support decision-making and enhance the customer experience, per the release.
“There are fundamental investments a financial platform has to make to execute on AI,” Felipe Lamounier, co-founder of Hyperplane, said in the release. “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.”
Generative AI is revolutionizing finance and banking, with the technology’s applications ranging from personalized customer services to anti-money laundering (AML) programs, according to the PYMNTS Intelligence and AI-ID collaboration, “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.”
Nubank passed the 100-million-customer milestone in May, saying at the time that it was the first digital banking platform to do so outside of 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.”
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