Former Nubank team secures $85 million for AI advisor Decade.

      Two former executives from Nubank have secured $85 million to develop an AI wealth adviser in Brazil. Their investors describe it as the largest seed funding round in Latin American history. The startup, Decade, emerged from stealth mode on Tuesday, obtaining investment from Greenoaks, Benchmark, and Diffusion, along with an ambitious vow to create “a new generation of millionaires.”

      The founders are notable figures. Vitor Olivier was an early engineer at Nubank and advanced to chief technology officer as it became the world’s largest digital bank, serving over 100 million customers. Felipe Meneses, the first Brazilian honored as a Thiel Fellow, established the AI startup Hyperplane, which Nubank later acquired. Bloomberg first announced the launch.

      The funding round, amounting to roughly R$440 million, is exceptionally large for a company that is still on a waitlist with no products released. The reputation of the investors elucidates their confidence. Greenoaks has invested in Stripe, Revolut, and Anthropic. Benchmark financed Uber and Snap. Diffusion was founded by Victor Lazarte, who transformed Wildlife Studios into the largest gaming company in Latin America.

      Decade’s proposition addresses a genuine issue. Approximately one-third of Brazilians invest, and only 7% can rely on their savings during retirement, despite the country being a global leader in payment systems. Brazil’s instant-payment platform, Pix, processes nearly 100 billion transactions annually.

      The company characterizes money management as “a second job” that most struggle with, influenced by advisers whose income is tied to selling products. “Financial services are intentionally complex and often profited from through information asymmetry,” stated Meneses. “AI eliminates that asymmetry.”

      Therefore, Decade assigns each client a senior human adviser along with a proprietary AI model that maintains their complete financial profile and recalls every conversation. The two continuously monitor spending and investment portfolios, utilizing Open Finance. The approach is based on the belief that a combination of human insight and AI surpasses either alone.

      The ambition expressed is intentionally lofty. “Previously, such a high level of attention was reserved for the ultra-wealthy,” said Meneses. “Now, we can cultivate an entire generation of millionaires.” Neil Mehta from Greenoaks succinctly noted that Nubank reduced banking fees for millions, asserting that “investing never had its moment. Now it will.”

      This is a substantial claim to make from the outset. Decade has raised more than any other Latin American seed round before it, yet it lacks a launched product and proven experience. Its human-plus-AI strategy must also demonstrate its superiority over cheaper robo-advisers. AI wealth management tools are rapidly proliferating, and the phrase “a generation of millionaires” may serve more as a marketing slogan than a realistic prediction.

      Additionally, the deal aligns with a growing trend. Greenoaks and Benchmark had previously made a comparable large investment in Pax, an AI public-safety startup, marking another record in Latin American seed funding. Major US investors are viewing Brazil as fertile ground for AI ventures with expansive social implications. The critical question remains whether Decade can transform $85 million and its ambitious vision into a reality that produces millions of wealthier Brazilians, pending the launch of a product.