NeoSpace AI

AI · Fintech · Banking

Acquisition

Itaú Unibanco to acquire Brazilian AI startup NeoSpace for $589M

Brazilian banks are racing to build proprietary AI in-house rather than license it from foreign tech giants.

• Itaú Unibanco agreed to acquire all shares of NeoSpace AI for 2.925 billion reais ($589 million), paid in cash with part due at closing and the rest deferred over five years.
• NeoSpace, founded in 2023 by Bruno Pierobon, builds large AI models that identify complex patterns and relationships in massive datasets.
• Itaú had already worked with NeoSpace for nearly two years and led an $18 million investment round in the startup in early 2025.
• NeoSpace will keep an autonomous management structure after the deal, with Pierobon remaining as CEO; closing still requires regulatory approval.
• The deal follows Itaú's 2024 merger of its separate mobile apps into one, part of a broader push to deepen customer data and loyalty as Brazil's fintech sector intensifies competition.
• The acquisition shows Latin America's biggest bank betting that owning proprietary AI models, rather than just licensing outside technology, is key to personalizing service and locking in customers.