Itaú agrees to buy AI startup NeoSpace for $589 million, keeping operations autonomous

Itaú Unibanco has agreed to take full ownership of an AI supplier without folding its operations into the bank. The Brazilian lender announced on October 26, 2026, that it would acquire NeoSpace for 2.925 billion reais, about $589 million. Itaú says the startup’s management and business operations will remain autonomous, with its current team retained.

The agreement builds on nearly two years of services rather than starting a new AI relationship. In its securities filing, Itaú says NeoSpace has been developing models trained on the bank’s proprietary data. The acquisition is intended to strengthen that work and support more specialized models across Itaú’s products and services.

A purchase paid over five years

The share purchase agreement covers all shares issued by NeoSpace A.I. Technologies Ltda., with Itaú or its affiliates making the acquisition. One installment is payable when the transaction closes. The remaining installments are deferred over five years and are subject to conditions.

This remains an agreement, not a completed takeover. Closing requires prior approval from Brazil’s antitrust authority, CADE, and the Central Bank of Brazil, alongside other customary conditions.

BRL 2.925 billionPurchase price

The agreed consideration covers all shares issued by NeoSpace, with payment split between closing and later installments.

Models already tied to the bank’s business

NeoSpace specializes in foundation models—AI models trained on large datasets. For Itaú, its work has used the bank’s own data to develop generative AI applications, including more personalized financial services and credit management solutions, according to the filing.

The bank identifies credit, customer relationship management and fraud prevention as areas where the relationship has already produced results.

Its stated next step is to combine NeoSpace’s capabilities with Itaú’s data, financial expertise and scale.

An assistant connection, with a separate operating team

Itaú also links the transaction to continued development of ia.i, its generative AI assistant. The bank says the work is intended to make customer experiences more personal and provide interactions and solutions better tailored to individual needs.

The operating arrangement preserves a distinction between ownership and management. Itaú would own the startup, while NeoSpace’s management and business operations would remain autonomous from the bank.