San Francisco-based startup Hyperplane has emerged from stealth mode after securing $6 million in seed funding, aiming to enhance customer experiences for banks worldwide with predictive artificial intelligence technology.
The funding round announced this week was led by former Stripe executive Lachy Groom. Other participating investors include SV Angel, Clocktower Technology Ventures, Liquid2 Ventures, Soma Capital, Latitud, Atman Capital, Crestone VC, and Norte.
Hyperplane was founded with the goal of developing foundation models that allow banks to leverage their first-party customer data to offer more personalized, tailored services. “The core hypothesis we started with was: what does it take to build a personalization layer for banks across the world,” said co-founder Rohan Ramanath.
This is achieved through proprietary machine learning models that can analyze customer transaction history and behavior patterns to predict outcomes like credit risk, churn rate, next product purchase, and more.
While just emerging from stealth, Hyperplane already counts over a dozen banks in Brazil as customers. One Brazilian neobank using Hyperplane increased credit limit transaction volume by 46% thanks to more accurate income prediction for applicants.
Hyperplane also plans to expand aggressively into the U.S. market, noting that Brazilian banks have proven an eager audience to adopt AI-driven personalization.
“Brazil has been through an important pro-competition movement in the last decade, and today we see an ecosystem that is eager to adopt new technologies,” said CEO Felipe Lamounier. “The Hyperplane Cloud can scale across markets with little effort, and we”ll soon announce our first partnerships in the U.S.”
Currently, most banks offer little in the way of personalized, predictive experiences compared to tech giants like Google or e-commerce sites. But consumer desire for these tailored services is growing even in banking.
Hyperplane will help banks to close this gap by building custom machine learning models to predict customer needs and behaviors based on sensitive financial data that only banks possess.