Itaú wants to be a financial ChatGPT. This M&A is an important step
In October 2019, Itaú paid R$ 500 million for a technology startup called Zup. The goal: to accelerate the digital transformation of the largest bank in Latin America. Now, seven years later, the bank is repeating the same script – but with a bigger check and a major challenge.
Itaú, the largest bank in Latin America, has acquired Brazilian startup NeoSpace for nearly R$ 3 billion. NeoSpace develops foundational models of artificial intelligence and was founded in 2023 by Bruno Pierobon, Felipe Almeida, and Gustavo Debs. The bank plans to use NeoSpace's technology to enhance its AI capabilities and transform into a "financial ChatGPT," allowing for more conversational interactions with customers.
Itaú had previously invested US$ 15 million in NeoSpace in January 2025 at a valuation of around US$ 100 million. The acquisition aims to help Itaú improve its credit modeling and fraud prevention, and the bank plans to use NeoSpace's technology to produce more assertive interactions with its clients.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
