Nubank’s digital banking platform has implemented the deal to acquire Hyperplane, a company specializing in data intelligence.
Nubank stated that the mentioned business agreement will accelerate the process of implementing its strategy focused primarily on artificial intelligence. Adding Hyperplane capabilities to the existing resources of the new owner of this company in the area of machine intelligence generates several possibilities.
Nubank’s press release, published on Wednesday, June 26, notes that as a result of the implementation of the deal, the firm will be able to offer its customers smarter, fairer, and more personalized financial products and services.
David Velez, founder and CEO of Nubank, says that the mission of this company since its inception has been to combat complexity and empower fanatical customers. In this context, it was noted that the firm’s early investments, combined with the impressive infrastructure and talent that the Hyperplane team managed to assemble, will accelerate the fulfillment of the mentioned mission.
Currently, the digital banking platform, which is part of the ownership structure of Nubank, serves more than 100 million customers in Brazil, Mexico, and Colombia. The press release notes that nowadays the company processes petabytes of data daily, using the existing infrastructure and analytics to solve relevant tasks.
Hyperplane has developed its artificial intelligence systems for ingesting and analyzing unstructured information. The relevant information is contained in the company’s press release.
After joining the ownership structure of Nubank, Hyperplane will power the core machine learning capabilities of the digital banking platform and build foundational models that product development teams and engineers will use to form connections between broad contexts, generate insights, support decision-making, and improve customer experience.
Felipe Lamounier, co-founder of Hyperplane, says that there are fundamental investments a financial platform has to make to execute artificial intelligence. In this context, it was also noted that Nubank is an ideal place to realize the mentioned firm’s vision of hyper-personalized customer banking. Felipe Lamounier noted that the corresponding goal will be achieved because of the maturity of the data stack and the culture of innovation.
Currently, generative artificial intelligence is revolutionizing the finance industry and banking sector. The mentioned spheres of activity implement various scenarios for the use of AI, including personalized customer service and anti-money laundering.
In May, Nubank’s customer base surpassed the milestone of 100 million users. At that time, the company stated that its digital banking platform was the first such functional system to achieve the mentioned result outside Asia. David Velez stated that the growth of the mentioned platform is due to the power of the firm’s business model, which is truly customer-centric. It is worth noting that Latin America is one of the most promising regions of the world in terms of the development potential in the respective countries of the fintech industry.
As we have reported earlier, Ripple Acquires Digital Asset Platform.
