San Francisco-based startup Hyperplane has stepped out of stealth mode, unveiling its ambition to reshape the banking landscape with predictive AI technology. This revelation coincides with the announcement of a successful $6 million seed funding round, led by former Stripe executive Lachy Groom and backed by prominent investors including SV Angel, Clocktower Technology Ventures, Liquid2 Ventures, Soma Capital, Latitud, Atman Capital, Crestone VC, and Norte, according to report by TechCrunch.
Driven by a core mission to revolutionize the customer experience in banking, Hyperplane focuses on leveraging first-party customer data to deliver hyper-personalized services. Co-founder Rohan Ramanath explained, “Our fundamental goal is to construct a personalization layer for global banks.”
Employing proprietary machine learning models, Hyperplane analyzes customer transaction histories and behavioral patterns to predict various outcomes such as credit risk, churn rate, next product purchases, and more.
Though newly revealed to the public, Hyperplane has already secured over a dozen Brazilian banks as clients. Notably, a Brazilian neo bank utilizing Hyperplane’s technology witnessed a substantial 46% increase in credit limit transaction volume, all credited to enhanced accuracy in predicting applicant incomes.
Eyeing expansion into the U.S. market, Hyperplane recognizes the enthusiasm of Brazilian banks to embrace AI-driven personalization. CEO Felipe Lamounier highlighted Brazil's openness to technological advancements and emphasized the company's readiness to scale its offerings effortlessly across diverse markets.
Consumer demand for tailored banking services has surged, echoing the personalized experiences offered by tech giants and e-commerce platforms. Hyperplane endeavors to bridge this gap by crafting bespoke machine learning models that predict customer needs and behaviors, drawing on sensitive financial data exclusive to banking institutions.
As Hyperplane emerges into the spotlight, it aspires to disrupt the conventional banking sphere by enabling institutions to provide predictive and personalized services that meet the evolving demands of modern consumers.