Business

After being acquired by Nubank, fintech Olivia will shut down operations

Just over six months after being acquired by Nubank, artificial intelligence and financial planning fintech company Olivia will shut down its operations and stop running on July 15. Olivia’s infrastructure and data will be integrated into Nubank‘s app.

The startup‘s demise was announced by the digital bank. According to Nubank, following the acquisition last November, Olivia’s expertise was integrated with the digital bank’s artificial intelligence and machine learning capabilities.

“The discontinuation will allow us to focus our efforts on integrating its core features into the Nubank app, into a new experience. This will enable us to help nearly 60 million customers in Latin America have more control over their financial lives,” Nubank said in a statement posted on its website.

READ ALSO: Colombia’s Rappi to offer digital banking services via RappiPay

Active user accounts on Olivia’s app will be closed and user data completely deleted or anonymized by the end of July, Nubank said. Users who wish will be able to download the data history by July 14. In addition, Olivia will offer an alternative service to help customers manage their personal finances while the features in Nubank‘s app are not launched.

According to Nubank, with the full integration of Olivia into the bank’s app, Nubank customers will have access to new features to take care of their expenses and manage their resources, such as the Organize Spending function, which will allow customers to organize spending between Essential, Free or Goal expenses.

READ ALSO: Beyond advice: Brazilian AI-powered savings app Olivia wants to aggregate accounts and transact for users

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.

This post was last modified on June 17, 2022 4:49 pm

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