Nubank announced the acquisition of AI company Olivia. The company offers an AI assistant that learns about and predicts individual spending patterns and behaviors, while offering personalized financial recommendations. The terms of the deal were not disclosed.
Nubank is a Brazilian fintech unicorn, and is currently seeking a valuation of approximately US$50.6 billion in its IPO which was filed in the US and Brazil in November 2021. This valuation would transform Nubank into the company with the highest valuation in Latin America. Olivia is a startup that was born in 2016 in the US, and was only launched in Brazil this year after scaling the operation.
Lucas Moraes, co-founder of Olivia, stated the following regarding the strategy behind the merger: “Over the past ten years, the revolution in the financial industry has been to improve the customer experience; generating value with data intelligence will be the next ten. Uniting Nubank, the consolidated leader of the first revolution, and Olivia, the emerging leader of the second, was a natural path”.
With this acquisition, Nubank will integrate Olivia’s platform and services into their application. The deal has not yet been approved by the Administrative Council for Economic Defense, so the merger between the companies’ teams will be on standby until its confirmation.
