Itaú agrees to buy AI startup NeoSpace for $589M

Itaú agreed to acquire all shares of NeoSpace, a startup that builds tabular foundation models for credit, CRM and fraud use cases. The price is R$2.925 billion, about $589 million, and the bank will pay it over five years. The deal still needs regulatory approval, and NeoSpace will keep its own CEO, Bruno Pierobon, and its research team. NeoSpace already serves telecommunications and aviation clients and is expanding into the United States and Europe. Itaú had earlier invested about $15 million in the company, so this move turns a backer into an owner. Its Large Data Model approach analyzes many data types and formats, unlike conventional language models. For founders, the terms show how banks buy AI capability: staged payments, approval conditions and a promise of operating independence. Customers of such vendors often ask what happens to roadmaps and pricing after a bank takes control, so change-of-control language in contracts deserves early attention.