Itaú Unibanco agrees to acquire Brazilian AI startup NeoSpace for $589 million

Itaú Unibanco has agreed to acquire all shares of Brazilian AI startup NeoSpace for 2.925 billion reais, about $589 million, deepening a partnership that has lasted nearly two years. The bank already uses NeoSpace’s generative AI models in financial management, credit, customer service and fraud prevention, and plans to build on them for its ia.i assistant and more personalized financial services. NeoSpace will retain its management, workforce and research operations under the agreement. The transaction includes a payment at closing, with the remainder paid over five years, and requires approval from Brazil’s antitrust authority and central bank before it can close.