Itaú Unibanco has agreed to acquire Brazil-based AI startup NeoSpace for BRL 2.9 billion (USD 547 million), subject to regulatory approval.
Brazilian bank Itaú Unibanco has agreed to acquire NeoSpace AI Technologies, a Brazil-based AI startup, for BRL 2.9 billion (USD 547 million). Under the share purchase agreement, part of the price will be paid at closing, with the rest deferred over five years subject to conditions. The deal still requires approval from CADE, Brazil’s competition regulator, and the Central Bank of Brazil. According to Itaú, combining NeoSpace’s technology with its financial services expertise will accelerate the development of proprietary AI models. Founded in 2023, NeoSpace builds AI that detects patterns and complex links across large datasets.
An existing relationship and continued autonomy
Itaú was already a NeoSpace customer and led an USD 18 million investment in the startup in early 2025. Milton Maluhy, CEO of Itaú, said in an interview that NeoSpace had been discussing a new funding round that Itaú could have joined, but the two sides agreed on an acquisition instead. NeoSpace will keep its own management and structure, with Bruno Pierobon continuing as CEO, and its team of around 80 researchers works on foundational models that predict suitable products or services for clients based on their transactions.
Itaú expects NeoSpace’s models to improve personalisation for its customers. According to Maluhy, Itaú was already an important client for NeoSpace, but its workforce will now be fully dedicated to the bank. He added that all of NeoSpace’s existing contracts will be honoured.
Investment in bank technology
Itaú has been investing in modernising its platforms as Brazilian banks compete with the country’s established fintech sector. In 2024, the bank merged several mobile apps into a single app as branch visits declined, seeking to deepen relationships with customers who use only one of its products. The changes aim to widen the data used to assess each client’s risk and to increase engagement as competition grows.
Ricardo Guerra, CIO of Itaú, said in an interview that customers who use tools such as generative AI now expect similar levels of service from their banks, adding that banks can no longer rely on average technology and products. Itaú agreed in 2019 to acquire Zup, another company founded by Pierobon, which helps connect newly built systems to legacy infrastructure. independently. With NeoSpace, the bank is set to bring a dedicated AI research team in-house while allowing it to continue operating independently.
