Former Nubank team secures $85 million for AI advisory firm Decade.

      Two former executives from Nubank have successfully raised $85 million to establish an AI wealth advisory service in Brazil. Their investors claim this is the largest seed funding round in the history of Latin America. The startup, Decade, emerged from stealth mode on Tuesday, backed by Greenoaks, Benchmark, and Diffusion, and they have made an ambitious promise: to foster “a new generation of millionaires.”

      The founders are well-regarded in the industry. Vitor Olivier was an early engineer at Nubank, ultimately becoming the chief technology officer as the company grew into the world’s largest digital bank, serving over 100 million customers. Felipe Meneses, the first Brazilian to receive a Thiel Fellowship, created the AI startup Hyperplane, which was later acquired by Nubank. Bloomberg first reported on the launch.

      The funding round, amounting to approximately R$440 million, is notably large for a company that is still in the waiting phase with no products delivered yet. The list of investors highlights their confidence. Greenoaks has invested in companies like Stripe, Revolut, and Anthropic. Benchmark was an early investor in Uber and Snap, while Diffusion was founded by Victor Lazarte, who grew Wildlife Studios into the largest gaming company in Latin America.

      Decade addresses a significant issue. Currently, only one-third of Brazilians engage in any form of investment, and merely 7% can rely on their savings during retirement, despite Brazil being a leader in global payments. The instant payment system Pix processes nearly 100 billion transactions annually.

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

      Decade pairs clients with a senior human adviser and a proprietary AI system that maintains their complete financial profile and recalls every discussion. According to the company, this duo continuously monitors clients' spending and investment portfolios, facilitated by Open Finance. Their approach is based on the belief that combining human insight with AI is superior to either working independently.

      The ambition is notably high. “Previously, that level of attention was exclusive to the ultra-rich,” Meneses remarked. “Now, we can cultivate a whole generation of millionaires.” Neil Mehta from Greenoaks stated it even more plainly: Nubank reduced banking fees for millions, and “investing has yet to receive the same attention. Now it will.”

      This is an ambitious promise for a company just starting out. While Decade has secured the most funding of any Latin American seed stage company to date, it has yet to release a product or establish a track record. Its human-plus-AI approach must also prove it can outperform cheaper robo-advisers. With AI wealth management tools rapidly increasing, the claim of creating “a generation of millionaires” is a marketing statement rather than a concrete prediction.

      This deal aligns with a trend observed in the market. Greenoaks and Benchmark had previously issued a similar large investment to Pax, an AI public-safety startup, marking another record seed funding in Latin America. Major US investment funds are seeing Brazil as a promising landscape for AI ventures with broad social missions. The question remains whether Decade can transform $85 million and its vision into a reality that results in many more affluent Brazilians, pending the launch of their product.