Evolution Labs

What Evolution Labs does

Evolution Labs (legal name The Evolution Labs Network) is a private consulting and applied-AI firm headquartered in Santiago, Chile, with a regional office in London (Soho Works, Shoreditch). The company is organized as a network of four specialized laboratories covering Artificial Intelligence, Digital Innovation, Digital Transformation, and Digital Internal Audit, and it serves financial institutions, insurers, corporates and educational organizations across 14 countries in Latin America alongside the United Kingdom. Core service lines include Open Finance advisory, digital maturity assessments, transformation roadmap design, AI strategy and AI-agent implementation, MVP prototyping, and internal audit digitalization.

The firm's core technology asset is Radar, an augmented audit SaaS platform that combines Generative AI, AI agents, continuous risk monitoring, deep contextual analysis and conversational AI explainability into an auditable workflow for financial institution internal audit functions. Radar is the productized output of the Internal Audit Digital Lab and is the firm's primary differentiator versus generalist consultancies. An extended technology capability comes from the September 2013 strategic alliance with Finconecta, a US-based Open Finance API platform whose Developer Portal provides the technical backbone for Open Finance enablement projects across LATAM bank clients.

Revenue mechanics are anchored in professional services engagements (digital transformation, Open Finance, AI strategy, audit advisory) sold through direct enterprise sales to C-level executives at financial institutions, complemented by an emerging SaaS vector via Radar. Distribution is augmented by formal channel relationships with FELABAN (Latin American Banking Federation), Innovate Finance UK, Universidad del Desarrollo (UDD) for the Certification in Digital Banking and Open Finance, and the UK Department for Business & Trade. Pricing is quote-based and not publicly disclosed, consistent with project-scope-driven professional services economics. The company has 30+ named enterprise clients spanning banking (Banco de Chile, Bancolombia, Itau, Scotiabank, Banco Central de Chile), insurance (Confuturo, Sura), retail (Ripley, SMU), energy (Copec, Lipigas) and academia (Universidad Católica de Chile, INACAP).

Name

Evolution Labs

Legal name

The Evolution Labs Network

Website

https://evolution-labs.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

The Evolution Labs Network is a Santiago-headquartered consulting and applied-AI firm that operates four labs (AI, Digital Innovation, Digital Transformation, Internal Audit Digital) serving banks, insurers and corporates across 14 Latin American countries and the UK, anchored by the Radar augmented audit SaaS platform and a Finconecta Open Finance alliance.

Ownership category

akta.pro rank

Product category

Financial Services Consulting

NAICS

Other Scientific and Technical Consulting Services (54169), Software Publishers (5132), Professional and Management Development Training (611430)

SIC

Services-Computer Integrated Systems Design (7373), Services-Computer Programming Services (7371), Services-Prepackaged Software (7372)

akta.pro industry

PRIMARYBPAEAHAF

AI/ML Engineering & Model Development Services

Business & Public Services/IT & Digital Services (Managed Services, Systems Integration)/Data, Analytics & AI Services

Keywords

• Digital transformation consulting
• Open finance advisory
• Financial services consulting
• AI strategy consulting
• Internal audit solutions

Headquarters

HQ city

Las Condes

HQ country

Chile

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Marketing or Sales, Technology or R&D, Operations

Revenue model

1. Digital Transformation Consulting: Advisory services helping financial industry executives and managers create and maintain value in changing environments. Includes digital maturity assessment, roadmap design, transformation strategy, innovation model implementation, and MVP implementation.
2. Open Finance Advisory: Consulting services enabling financial institutions to leverage Open Finance for new digital business models, compliant growth, and competitive positioning against new market entrants.
3. AI and Digital Audit Services: Services including AI strategy development, AI agent implementation, internal digital audit transformation, and continuous risk monitoring solutions.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

Evolution Labs is a consulting and innovation firm that helps financial institutions in Latin America accelerate their digital transformation. It operates through four specialized labs (Artificial Intelligence, Digital Innovation, Digital Transformation, and Digital Internal Audit) and offers advisory services in Open Finance, digital transformation strategy, AI strategy and implementation, and digital internal audit. Its core technology product is the Radar Augmented Audit Platform, a SaaS solution that uses generative AI and AI agents to modernize internal audit functions.

Product overview

Evolution Labs operates as a professional services and technology firm organized as a network of four thematic labs: the AI Lab (Inteligencia Artificial), the Digital Innovation Lab, the Digital Transformation Lab, and the Internal Audit Digital Lab. The network's primary technology product is the Radar Augmented Audit Platform (a SaaS solution featuring GenAI, AI Agents, continuous risk monitoring, and conversational AI explainability), which sits within the Internal Audit Digital Lab. Beyond the Radar platform, the four labs collectively deliver a portfolio of consulting and advisory services including digital maturity assessment, digital transformation strategy and roadmap design, open innovation and hackathons, MVP implementation, agility consulting, AI strategy and AI agent implementation, and digital banking certification education — all focused on the financial services sector across 14 countries in Latin America and the UK. The network's value proposition integrates consulting expertise with the Radar technology platform and a strategic alliance with Finconecta (Open Finance API platform) to provide end-to-end acceleration of clients' digital evolution.

Differentiator

Problem solved

Functional benefit

Products and services

• Radar Augmented Audit Platform Radar is a SaaS platform that combines generative AI, AI agents, continuous risk monitoring, deep contextual analysis, and conversational AI explainability to transform internal audit functions at financial institutions. It is the primary technology product of Evolution Labs' Internal Audit Digital Lab and is offered to banks, insurance companies, and financial organizations.
• Digital Transformation Consulting Advisory services helping financial industry executives and managers create and maintain value in changing environments. Includes digital maturity assessment, roadmap design, transformation strategy, innovation model implementation, and MVP implementation. Targeted at financial institutions across Latin America.
• Open Finance Advisory Consulting services enabling financial institutions to leverage Open Finance for new digital business models, compliant growth, and competitive positioning against new market entrants. Delivered with the support of the strategic alliance with Finconecta for Open Finance API technology.
• AI Strategy and AI Agents Implementation Consulting Consulting services that help financial institutions and other clients develop an AI strategy and implement AI agents within their organizations, supporting digital transformation initiatives. Delivered through Evolution Labs' AI Lab.
• Certification in Digital Banking and Open Finance An academic certification programme jointly delivered with Universidad del Desarrollo (UDD) and FELABAN, covering Open Finance, Open Innovation, Embedded Finance, Banking as a Service, BNPL, Digital Banks, Bigtechs, Neobanks and Digital Transformation. Evolution Labs UK contributes content from a global and empirical perspective.

Quantifiable outcome

• Developed over 50 digital innovation and transformation projects in 12 countries
• +1 more outcomes

Named customers20 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• FinconectacoreTechnology or Integration · 1 September 2013Strategic alliance since September 2013 with Finconecta, a US-based technology platform leader in Open Finance. Through its Developer Portal, Finconecta provides APIs enabling financial institutions to connect with fintechs and technology partners. This alliance provides cutting-edge technology for implementing Open Finance and Open Innovation consultancy services across Latin America.
• Innovate FinancecoreStrategic or Co-development PartnerMember of Innovate Finance, the voice of UK fintech that supports the next generation of technology innovators to create a more inclusive, democratic, and effective financial services sector. Active participation in IFGS 2024, member receptions, and UK fintech ecosystem events.
• Universidad del Desarrollo (UDD)coreStrategic or Co-development PartnerAcademic partnership for the Certification Program in Digital Banking and Open Finance, serving 30 professionals from 6 countries. Evolution Labs contributes global, practical, and empirical perspectives to challenge participants on opportunities from the new financial paradigm.
• FELABAN (Federacion Latinoamericana De Bancos)coreStrategic or Co-development PartnerPartnership with the Latin American Banking Federation for certification programs, webinars on Open Finance, CLAIN Congress participation, and hackathon events. FELABAN represents major Latin American banking associations and facilitates regional financial industry collaboration.
• Jorge RuizcoreOthersJorge Ruiz serves as Board Member of Evolution Labs UK, providing permanent mentoring. He is CEO of Finconecta and previously led Fintech Acceleration and Open Innovation at CITI Global. His international experience spans USA, Kenya, Israel, Poland, UK, and Asia.
• UK Department for Business & TradesupportingGTM or Marketing PartnerSupported by the UK Government's Department for Business & Trade for participation in Latin American delegation at Innovate Finance Global Summit 2024 and UK Fintech Week activities. Facilitates market access and networking opportunities for Latin American companies.
• FeaturespacesupportingTechnology or IntegrationUK-based technology company specializing in financial fraud detection. Evolution Labs visited Featurespace facilities during UK fintech week to understand fraud detection technologies and explore potential integration for client solutions.
• BBVAsupportingStrategic or Co-development PartnerCollaboration through BBVA's Head of Open Banking and Integrated Finance for webinar on Open Finance innovation. BBVA shares insights on Banking as a Service, Embedded Finance, Open Banking, APIs, and digital business models.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Thoughtworks: Global technology consultancy with strong digital transformation, custom software and AI engineering practices serving banks and insurers; comparable in their blend of consulting plus proprietary engineering, but at substantially greater scale.
• EY (Ernst & Young) Advisory: Big Four advisory firm offering Open Banking, digital transformation and AI-led internal audit services to global financial institutions; Evolution Labs' Tech Advisor Ignacio Arellano has prior EY ties, indicating overlap in the audit transformation niche.
• Accenture Financial Services: Global systems integrator with deep Latin American banking practice covering Open Banking, AI, and core modernization; represents the scale-tier competitor that Evolution Labs' London/Chile model is differentiated against.
• Minsait (Indra): Large Spanish-headquartered IT services and digital transformation firm with deep operations across Latin American financial services; competes for the same bank transformation budgets that Evolution Labs targets, with much larger delivery teams.

Regional players

• Finnovating: Spain/Latam fintech ecosystem connector and Open Finance platform offering both matchmaking and technology services to financial institutions; comparable network-based Open Finance consulting and ecosystem model anchored in Iberian/Latin American markets.

Emerging players

• Latitud: Latin American tech-for-good accelerator/venture platform also active in fintech ecosystem building and Open Finance content for Latam; an emerging niche adjacent player with overlapping ecosystem relationships through Innovate Finance-adjacent networks.
• Skydance AI: Emerging AI-agent platform for finance and audit workflows; comparable to Evolution Labs' Radar product in targeting GenAI-augmented internal audit, though with a software-led rather than services-led go-to-market.

Others

• Finconecta: US-headquartered Open Finance platform with which Evolution Labs has a strategic alliance dating to 2013; provides complementary API infrastructure for open banking implementations rather than competing advisory services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks1 record

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/evolutionlabslatam

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Evolution Labs