Brazilian AI Wealth Adviser Decade Raises $85m in Record Seed Round
Decade, an AI wealth adviser founded by two former Nubank executives, has raised $85m in a record-breaking seed round. The investment, worth approximately R$440m, is backed by prominent investors including Greenoaks and Benchmark. The startup aims to create a new generation of millionaires in Brazil, where only a third of citizens hold investments and just 7% can live off their savings in retirement.
Key points
- Decade, an AI wealth adviser founded by Vitor Olivier and Felipe Meneses, has raised $85m in a record-breaking seed round.
- The investment, worth approximately R$440m, is backed by prominent investors including Greenoaks and Benchmark.
- Decade aims to create a new generation of millionaires in Brazil, where only a third of citizens hold investments and just 7% can live off their savings in retirement.
- The startup frames money management as a 'second job' that most people do badly, steered by advisers whose pay depends on selling them products.
Decade, an AI wealth adviser founded by two former Nubank executives, has made headlines with its record-breaking seed round. The investment, worth approximately R$440m, is backed by prominent investors including Greenoaks and Benchmark. This significant funding marks a major milestone for the startup, which aims to create a new generation of millionaires in Brazil.
Brazil is a country with a growing economy and a large population, yet only a third of its citizens hold investments. Furthermore, just 7% of Brazilians can live off their savings in retirement. Decade's founders, Vitor Olivier and Felipe Meneses, have identified a real problem in the country's financial landscape. They believe that money management is a 'second job' that most people do badly, often steered by advisers whose pay depends on selling them products.
With their AI wealth adviser, Decade aims to change this narrative. The startup's technology will provide personalized financial guidance to its users, helping them make informed investment decisions. By leveraging AI and machine learning, Decade hopes to create a more accessible and effective way for Brazilians to manage their finances.
The success of Decade's seed round is a testament to the growing interest in fintech and AI-powered solutions in Latin America. As the startup continues to grow and develop its technology, it will be interesting to see how it addresses the financial challenges faced by Brazilians and whether it can indeed create a new generation of millionaires.
Sources
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