Olivia is pitching its AI-powered technology to financial services players in Brazil
Having proven its business model in the US, startup Olivia aims to make its financial assistant underpinned by artificial intelligence ubiquitous in the lives of young Brazilians.
Created in 2015 in Silicon Valley by entrepreneur Cristiano Oliveira and former professional motocross pilot Lucas de Moraes, Olivia has half a million users between the ages of 22 and 35 in the US.
The personal assistant works with data from some 18,000 US financial institutions in order to get to know the profiles, consumption habits and financial transactions of its user base, then recommend decisions.
“We started in the United States in order to create a strong artificial intelligence team and also due to the open banking environment. The idea was to establish the business case [in the US], then bring the model to Brazil,” says Moraes.
The firm’s initial Brazilian customers are brokerage company XP Investimentos and Votorantim Bank, who integrated the technology into their digital offerings and also invested in the startup this year to leverage its growth in Brazil. Moraes believes that the installed base of the Brazilian partners with millions of users will boost the expansion plans.
When it comes to monetization, B2B is viewed by the company as the most promising route, where technology can be used as Olivia or behind the scenes, white-labeled under the brands of its customers. According to Moraes, such discussions are under way with several digital and incumbent Brazilian banks.
“We want to help banks continue to do what they do well – store and transact money – with our product being the smart layer that helps users manage their finances better, resulting in a much more powerful combination,” says Moraes, who relocated back to São Paulo at the start of 2018 to establish the Brazilian operation.
The app is currently being tested by 500 users in Brazil, with a waiting list has over 11,000 customers interested in the service.
According to Moraes, growth in the consumer market as well as additional monetization via B2C will be driven by agreements with lifestyle companies – such as food delivery apps – whose products can be offered through the app.
A marketing campaign will accompany the launch of the app in Brazil in the second half of 2019 to intensify word of mouth: “If the company doesn’t have a minimum viral coefficient, it becomes very expensive to scale the [customer] base just by paying for users,” Moraes says.
By next year, the entrepreneur hopes the Olivia robot will become an app that its Brazilian users “can’t live without”: “Our goal is to create a valuable product that helps people have healthier financial lives,” Moraes points out.
“It is known that money issues can seriously deteriorate people’s wellbeing, so the idea is to help our users get a lot more visibility of their financial affairs and consequently, a lot less stress. ”