Brazil-based instant payment and QR code technology provider Matera has acquired Brazil-based AI company Cinnecta to bring AI to instant payments. As per the press release, by acquiring Cinnecta, Matera strives to boost customer retention and transaction volumes.

By leveraging their joint capabilities, the instant payment and QR code technology provider reportedly aims to enable its clients to enhance their sales. Moreover, by offering their clients access to data, the company anticipates that they will be able to provide them with a broader range of products and services tailored to their needs. When discussing the news, a representative from Matera emphasised that, following the acquisition, the company is now positioned to help its clients in adding value to Pix transactions.

They further added that this is achieved through the integration of their retail banks, responsible for overseeing more than 60 million accounts, with other clients providing merchant services. What does Cinnecta bring to the table? Cinnecta is a data intelligence company that specialises in understanding customer behaviour and pinpointing chances to increase LTV (lifetime value). Its platform enables businesses to evaluate potential avenues for customers in a bid to increase their profitability and foster loyalty.

This is achieved through strategies such as campaign recommendations, identifying the next best offer (NBO), conducting credit analyses, upselling and cross-selling, and forecasting churn. Matera’s strategic decision to buy was purportedly motivated by the widespread integration of artificial intelligence across diverse industries and product offerings. By acquiring Cinnecta, the company aims to further develop its real-time payments solutions.

More precisely, by leveraging Cinnecta’s AI solutions development, Matera sets out to develop new banking products that, reportedly, will lay the groundwork for a connected financial future. As shared in the press release, an official from Cinnecta stated that they were aligned with Matera's vision for payments and banking technology. They mentioned that this is a strategic moment to become a part of the company, as Matera is venturing into new territories.

The terms of the deal were however not disclosed as part of the announcement. As confirmed in the official statement, any existing customer relationships will not change, as they will be fulfilled through Matera. Even more to this point, the integration is purportedly made easy by the fact that the two companies share many of the same clients.

News of this acquisition comes following Matera’s previous announcement in late 2022, when the company revealed its plans to expand in the US  to enable financial institutions to extend their payment capabilities. .