Business

Brazil's Nubank acquires Olivia, a financial assistant app

The artificial intelligence fintech is the bank's sixth acquisition since 2020; Olivia will help Nubank develop personalized financial intelligence recommendations for its clients

Nubank buys Olivia
REUTERS/Paulo Whitaker
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Still preparing for its IPO, Nubank announced this Wednesday (17) the acquisition of artificial intelligence fintech Olivia. The startup develops an app that helps users to plan their expenses and save money.

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.

READ ALSO: Nubank files for double IPO: NYSE and B3

With the deal, Nubank will integrate the platform and its services into its application. In addition, after the acquisition, the companies should merge teams.

The agreement must still be approved by the Administrative Council for Economic Defense (CADE) and, until then, the two companies must operate as independent entities.

According to a statement published on Nubank‘s official page, with Olivia’s help, the bank should accelerate the development of solutions based on user financial habits.

With the talent of Olivia’s team and our scalable infrastructure, we will be able to bring to customers the very best in customized solutions for their needs

David Vélez, founder and CEO of Nubank

For the co-founder of Olivia, Lucas Moraes, the merger with Nubank is a chance to expand the scale of his business. “Over the past ten years, the revolution in the financial industry has been to improve the customer experience; generating value with data intelligence will be the next ten. Uniting Nubank, the consolidated leader of the first revolution, and Olivia, the emerging leader of the second, was a natural path”, he says.

READ ALSO: It finally happened: Buffett-backed Nubank turns a profit in Brazil

“Even with accelerated growth in the last two years and forecast to generate cash in early 2022, we could not let the opportunity slip away”, comments Moraes.

This is Nubank‘s sixth acquisition since 2020. Last year, the company bought Easynvest, Cognitect, and Plataformatec. In 2021, it was Juntos and Spin Pay’s turn.

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