Nubank acquires fintech Olivia

Friday 29 October 2021 11:12 CET | News

Digital bank Nubank has reached an agreement to acquire fintech Olivia, according to Pipeline.The Olivia app uses artificial intelligence to help consumers spend better and save, by analysing debits and credits from linking to the user's bank accounts using encryption. Olivia began operating in the US in 2016 and only debuted in Brazil in 2021, when it raised R$ 25 million (approximately USD 4.4 million) with investors to scale the operation. 

Integrated with major banks and neobanks such as Nubank itself and platforms such as XP and Ion — Itaú — Olivia envisioned growing in the wake of Open Banking. In 2020, the founders announced the goal of reaching one million users in 2021. The startup estimates to have helped Brazilians save R$ 13 million (USD 2.3 million) in 2020. Olivia worked closely with XP on developing an investment robot. The startup's technology was also included in BV's credit card app, a Valor report showed in 2020.

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Keywords: partnership, Open Banking, neobanks, digital banking, fintech
Categories: Banking & Fintech
Countries: Brazil
This article is part of category

Banking & Fintech

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