Itaú to acquire NeoSpace for $588M to build bank-data AI models

Itaú Unibanco signed a share purchase agreement to buy all of NeoSpace A.I. Technologies for BRL 2.925 billion (~$588 million). NeoSpace spent two years training foundation models on data from 60 million Itaú customers; the deal needs CADE and Central Bank of Brazil approval.

• Deal value is BRL 2.925 billion (~$588M), with part of payment spread over five years
• NeoSpace trained models on transactions, credit events and behavior of 60M Itaú clients
• Itaú invested $18M for a 15% stake in NeoSpace in January 2025
• Closing requires approval from antitrust body CADE and Brazil's Central Bank