The $30 million deal is designed to strengthen Kapital’s financial ecosystem with the addition of Woz’s advanced coding agents for “complex business use cases,” the company said in a Monday (Oct. 19) news release.
“Kapital was founded with technology at the core of everything we do, and a belief that you cannot push the boundaries of banking and financial services without being at the frontier of AI,” said René Saúl, the company’s co-founder and CEO.
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“Acquiring Woz will bring Kapital’s already sophisticated AI platform to the next level, propelling us further as a leader in AI development for the global banking system and enterprise financial operations.”
As part of the acquisition, Woz co-founders CEO Ben Collins and CTO Brad Eckert will become Kapital’s new head of AI and chief technology officer, respectively. The Woz AI developer team will also join Kapital, with the company planning to extend the San Francisco-based team throughout the next year.
Kapital says the deal allows it to develop new AI models and products designed specifically for enterprise-grade financial applications, while also expanding on its existing AI suite, OctavIA, which helps operate live scoring systems, underwriting, risk and customer intelligence.
“Kapital has one of the most robust datasets in the financial industry, and we see enormous potential bringing our AI tools to bear on it,” said Collins. “Combining Kapital’s infrastructure, data, and scale with Woz’s patented technology and AI expertise will set a new standard for intelligent financial operations.”
Kapital and its platform help individuals and businesses manage operations, credit and cash flow, and, via its brokerage house and fund management business, save and invest. The company says it serves more than 350,000 customers in the U.S., Mexico, Colombia and Spain.
The acquisition follows last month’s announcement that Kapital had raised $125 million in new financing, funds the company said it would use to boost product innovation around its proprietary artificial intelligence (AI) platform and data analytics suite, and to expand its presence in Mexico, Latin America, the U.S. and Europe.
Kapital announced last September that it had become “Latin America’s first AI unicorn” when it completed a Series C funding round that brought in up to $100 million and doubled the company’s valuation to $1.3 billion.
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