Brazil: Itaú buys AI startup NeoSpace for R$2.925 billion
By Alexander SchekGo-to-market and sales leadership in Latin America
1 min readItaú Unibanco agreed on October 26 to buy NeoSpace AI for R$2.925 billion, about US$589 million, subject to CADE and Central Bank approval. The deal moves the bank from using NeoSpace's models to controlling the team that builds them on its data.
Itaú Unibanco agreed on October 26 to buy NeoSpace AI, a Brazilian AI startup, for R$2.925 billion, about US$589 million. Part will be paid at closing and the rest over five years, subject to conditions. The deal still needs approval from CADE and Brazil’s Central Bank.
NeoSpace has worked with Itaú for nearly two years, developing models trained on the bank’s own data for credit, customer relationship management and fraud prevention. Itaú already owned 15% after leading a US$18 million funding round in early 2025.
The commercial agreement already gave Itaú access to NeoSpace’s models. Buying the company gives the bank control of the business developing them, including a team familiar with its data and banking operations.
NeoSpace will retain autonomous management and operations, with founder Bruno Pierobon staying as CEO and the existing team remaining in place.
Sources: Itaú Unibanco, material fact on the NeoSpace acquisition, October 26, 2026; Reuters via GBM, Itaú agrees to buy AI startup NeoSpace for US$589 million; Startups.com.br, Itaú acquires NeoSpace for R$2.9 billion
Publication: Originally published on my professional LinkedIn on October 28, 2026.