Paytech Matera acquires Brazilian AI firm Cinnecta for undisclosed sum
US and Brazil-based paytech Matera has acquired Brazilian artificial intelligence (AI) firm Cinnecta for an undisclosed sum, to bring AI to instant payments.
Matera acquires Cinnecta
Founded in 2013 and headquartered in Belo Horizonte, Brazil, Cinnecta is a data intelligence firm specialising in understanding customer behaviour to identify opportunities for businesses to increase their lifetime value. Its solutions are known for customer retention, loyalty and enhancing digital experiences.
Through the acquisition, Matera says its clients will be able to enhance their sales capabilities through the delivery of “intelligent, actionable insights”, in turn, allowing clients to offer their customers a broad range of customisable products and services.
The paytech says it chose Cinnecta after a “meticulous year-long search” and with guidance from MIT PhD consultants, identifying the firm as a “genuine” AI solution provider.
“Matera is at the forefront of fostering the expansion of Pix in Brazil, enhancing the financial ecosystem with innovation and synergy,” says Carlos Netto, Matera’s co-founder and CEO.
“We are now poised to enable our clients to add significant value to Pix transactions by seamlessly connecting our retail banks, which manage over 60 million accounts, with other clients offering merchant services.
“This integration aims to not only increase transaction volumes but also foster client retention and augment their business potential around Pix. With the strategic support of Cinnecta, Matera is fully equipped to implement this visionary approach, elevating our commitment to drive growth and excellence in the financial sector.”
While terms of the deal were not disclosed, both firms say the existing customer relationships “will not change” and there will be a smooth integration, as both currently share many of the same clients.
