Just seven months after announcing a $6 million funding round, Hyperplanea San Francisco-based startup that builds core models for banks announced Wednesday that it has been acquired by Brazil Nubank.
Hyperplane was founded in 2022 by Daniel Silva, Felipe Lamounier, Rohan Ramanath and Felipe Meneses. When the company launched stealth last year, Ramanath explained that the main goal was to create a level of personalization for banks around the world. “The goal for Hyperplane is, if banks around the world have a lot of first-party data, what does it take to create a layer of data intelligence so banks can connect that first-party data?”
Hyperplane focused on enabling banks to train their own models on power tools across their risk, collections and marketing departments.
Now, the team will continue this work at Nubank, the largest digital banking platform outside of Asia, which reported more than $2.7 billion in revenue last quarter. Nubank has more than 100 million customers in Brazil, Mexico and Colombia, which, in the context of this acquisition, also means it has more bank data to help it deliver personalized services than almost any other company.
“Nubank’s mission since its inception has been to combat complexity and empower passionate customers,” Nubank CEO and founder David Velez said in Tuesday’s announcement. “Our early investments in artificial intelligence, combined with the impressive infrastructure and talent the Hyperplane team has been able to assemble, will accelerate our mission. Consumers worldwide will not only have access to the best financial products, but will also receive truly personalized financial advice that empowers them to live a better life.”
Over the years, Nubank has made several technology-focused acquisitions, including Clojure consultancy Cognitect in 2020, digital brokerage Easynvest later that year, and financial management startup Olivia in late 2021, its first AI-focused acquisition.
The two companies did not disclose the purchase price. Hyperplane’s $6 million funding round included investments from Lachy Groom, SV Angel, Clocktower Technology Ventures, Liquid2 Ventures, Crestone VC, Soma Capital, Latitud and Atman Capital.
“There are fundamental investments that a financial platform must make to perform in artificial intelligence. Nubank is the perfect home to accelerate our vision of hyper-personalized consumer banking due to the maturity of their data stack and a culture of innovation,” said Hyperplane co-founder Lamounier.
