Nubank announced the acquisition of artificial intelligence fintech Olivia

November 18, 2021
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The artificial intelligence fintech is the bank's sixth acquisition since 2020; Olivia will help Nubank develop personalized financial intelligence recommendations for its clients

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Still preparing for its IPO, Nubank announced this Wednesday (17) the acquisition of artificial intelligence fintech Olivia. The startup develops an app that helps users to plan their expenses and save money.

Created in 2016, in the United States, by Cristiano Oliveira and Lucas Moraes, Olivia launched its app in Brazil in 2019 and develops intelligent financial services. In addition to the app that helps people handle personal finances better based on their spending habits, the startup also offers an Open Finance platform that uses artificial intelligence to create better experiences and personalized financial recommendations.

With the deal, Nubank will integrate the platform and its services into its application. In addition, after the acquisition, the companies should merge teams.

The agreement must still be approved by the Administrative Council for Economic Defense (CADE) and, until then, the two companies must operate as independent entities.

According to a statement published on Nubank‘s official page, with Olivia’s help, the bank should accelerate the development of solutions based on user financial habits.

"With the talent of Olivia’s team and our scalable infrastructure, we will be able to bring to customers the very best in customized solutions for their needs" David Vélez, founder and CEO of Nubank

For the co-founder of Olivia, Lucas Moraes, the merger with Nubank is a chance to expand the scale of his business. “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”, he says.

"Even with accelerated growth in the last two years and forecast to generate cash in early 2022, we could not let the opportunity slip away", comments Moraes.

This is Nubank‘s sixth acquisition since 2020. Last year, the company bought Easynvest, Cognitect, and Plataformatec. In 2021, it was Juntos and Spin Pay’s turn.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Still preparing for its IPO, Nubank announced this Wednesday (17) the acquisition of artificial intelligence fintech Olivia. The startup develops an app that helps users to plan their expenses and save money.

Created in 2016, in the United States, by Cristiano Oliveira and Lucas Moraes, Olivia launched its app in Brazil in 2019 and develops intelligent financial services. In addition to the app that helps people handle personal finances better based on their spending habits, the startup also offers an Open Finance platform that uses artificial intelligence to create better experiences and personalized financial recommendations.

With the deal, Nubank will integrate the platform and its services into its application. In addition, after the acquisition, the companies should merge teams.

The agreement must still be approved by the Administrative Council for Economic Defense (CADE) and, until then, the two companies must operate as independent entities.

According to a statement published on Nubank‘s official page, with Olivia’s help, the bank should accelerate the development of solutions based on user financial habits.

"With the talent of Olivia’s team and our scalable infrastructure, we will be able to bring to customers the very best in customized solutions for their needs" David Vélez, founder and CEO of Nubank

For the co-founder of Olivia, Lucas Moraes, the merger with Nubank is a chance to expand the scale of his business. “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”, he says.

"Even with accelerated growth in the last two years and forecast to generate cash in early 2022, we could not let the opportunity slip away", comments Moraes.

This is Nubank‘s sixth acquisition since 2020. Last year, the company bought Easynvest, Cognitect, and Plataformatec. In 2021, it was Juntos and Spin Pay’s turn.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.
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