Hyperplane, a San Francisco-based data intelligence startup building an infrastructure model for banks, announced on Wednesday that it has been acquired by Brazil's Nubank, just seven months after announcing a $6 million seed round of funding.
Hyperplane was founded in 2022 by Daniel Silva, Felipe Lamunier, Rohan Ramanath, and Felipe Meneses. When the company emerged from stealth last year, Ramanath explained that its primary focus was building a personalization layer for banks around the world. “Hyperplane's goal is, if banks around the world have a ton of first-party data, what does it take to build a data intelligence layer so that banks can connect their first-party data?”
Hyperplane was focused on enabling banks to train their own models to power tools across risk, collections and marketing departments.
Now the team will continue this work at Nubank, the largest digital banking platform outside Asia, with revenues of over $2.7 billion last quarter. Nubank has over 100 million customers across Brazil, Mexico and Colombia, and the acquisition also means it has more banking data than any other company to help deliver personalized services.
“Nubank's mission since our founding has been to combat complexity and empower our passionate customers,” Nubank CEO and founder David Velez said in Tuesday's announcement. “Our early investments in AI, coupled with the incredible infrastructure and talent the Hyperplane team has built, will accelerate our mission: Consumers around the world will not only have access to the best financial products, but also truly customized financial advice that empowers them to live better lives.”
Nubank has made several tech-focused acquisitions over the years, including Clojure consulting firm Cognitect in 2020, digital broker Easynvest later that same year, and AI-powered financial management startup Olivia in late 2021 (the company's first AI-centric acquisition).
The companies did not disclose the value of the acquisition. Hyperplane's $6 million seed round funding included investments from Lachy Groom, SV Angel, Clocktower Technology Ventures, Liquid2 Ventures, Crestone VC, Soma Capital, Latitud and Atman Capital.
“For financial platforms to execute on AI, foundational investments are required. Nubank's maturity in its data stack and culture of innovation make it the perfect place to accelerate our vision of hyper-personalized consumer banking,” said Lamounier, co-founder of Hyperplane.