Itaú Unibanco has agreed to buy all shares of AI startup NeoSpace
Itaú Unibanco entered into a Share Purchase Agreement for all shares of NeoSpace, a Brazilian artificial intelligence startup developing models trained on Itaú's proprietary data. The purchase price will be BRL 2,925,000,000.00, with an installment payable at closing and the rest deferred over five years. Closing is subject to approval by the Brazilian Antitrust Authority (CADE) and the Central Bank of Brazil.
NoteA large bank buying the team that already builds its credit, CRM and fraud models points to banks wanting those capabilities in house.
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