Banco Votorantim invests $5.91M in AI fintech Olivia

LatAm List – Founded by two Brazilian entrepreneurs in the US, Olivia is an AI-powered financial assistant that recently raised $5.91M (R$25M) from Banco Votorantim and MSW Capital, and also launched its app in Brazil. 

Olivia uses AI and behavioral economics to help users spend their money better and stretch their salary. During the app’s testing phase, it was able to generate over $2.37M in savings for the users testing the platform.

“This testing period was important so that we could adapt the platform to the needs of Brazilians, presenting the public with a simple and intuitive interface. It took months to receive feedbacks until I reached this version,” commented Lucas Moraes, co-founder of Olivia. “Additonally, this time was essential for us to be able to connect with the main financial institutions in the country,” he said. 

Customers from Itaú, Banco do Brasil, Caixa Econômica Federal, and, Nubank will be able to connect to Olivia. The startup already has 30,000 users that were gradually incorporated from their waiting list. 

“Olivia offers an innovative personal finance assistance experience based on the latest artificial intelligence technologies, transforming people’s experience with financial services. In addition to the investment, our goal is to increase the operation with the customer at the center of our strategy,” said Guilherme Horn, director of Digital Strategy and Innovation at Banco BV.

Read more on LAVCA.

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