Nevis Secures $70M Series B to Scale AI Platform for Wealth Management Amid Advisor Shortage

Former Revolut Executives Secure Major Funding for Wealth Management AI Operating System

Nevis, a New York-based startup building an AI platform for wealth management, announced on Monday it has raised $70M in a Series B funding round led by EQT Ventures1

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. The round attracted significant attention from financial services heavyweights, with Charles Schwab and QuantumLight—the venture fund of Revolut founder Nik Storonsky—joining as new investors1

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. Existing backers Sequoia Capital, ICONIQ, and Ribbit Capital also participated, bringing Nevis's total funding to $110M since its founding in late 20243

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. The latest investment values the company at $500 million, according to sources familiar with the matter2

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Founded by three former Revolut executives—CEO Mark Swan, Chief Product Officer Philipp Burda, and Chief Operating Officer Ivan Chalov—Nevis emerged from stealth in December 2025 with $40M in initial funding1

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. The trio identified a critical gap while working together at Revolut's London offices, where Swan led a project using early OpenAI models to automate back-office work2

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. They recognized that traditional financial firms struggled to develop similar technology themselves, particularly in wealth management where advisors could spend up to 80% of their day on administrative work across eight to ten separate software systems2

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AI Platform Addresses Critical Financial Advisor Shortage

The timing of Nevis's AI software for financial advisors addresses an urgent industry challenge. McKinsey estimated in 2025 that 110,000 advisors—more than a third of the workforce—would retire over the following decade2

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. With demand for financial advice growing, the firm projects a shortfall of roughly 100,000 advisors by 2034 unless the industry finds ways to serve more clients2

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. This demand surge stems partly from a massive generational wealth transfer, with baby boomers and older generations expected to pass nearly $100 trillion to heirs and charities through 2048, according to Cerulli Associates2

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"There was an opportunity to give financial advisors access to AI agents that can actually do that manual work for them, so that they can save time, grow their book of business, and expand the level of service," said Swan2

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. The platform combines CRM, meeting intelligence, financial planning, and custodial workflows into a single interface where AI agents handle operational work end-to-end3

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Platform Growth Demonstrates Market Validation

Nevis has experienced remarkable traction since launch. The company's AI agents have completed more than 100,000 operational tasks for clients, helping advisors save up to 10 hours per week and hold 30% more meetings with potential clients1

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. Revenue grew more than 25 times in 2026, while client assets managed through the platform surged from $50 billion to $700 billion, with approximately $75 billion added monthly1

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. The 70-person company now serves roughly 20 customers including Focus Financial Partners, IEQ Capital, and United Capital, and has expanded with a second office in London2

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Carolina Brochado, partner and head of EQT Ventures, will join Nevis's board as part of the Series B funding round1

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. She emphasized the platform's integration advantage: "An average advisor is dealing with about seven outdated systems to do different things within the workflow. What Nevis has built is a platform that does all these things"2

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Strategic Investment Signals Industry Shift

Charles Schwab's participation carries particular significance given its recent stance on AI agents. Earlier this month, Schwab announced it was blocking outside agents, including Meta's Muse, from moving client money1

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. Jon Beatty, who heads Schwab's adviser services business, indicated the Nevis deal widens the range of AI tools Schwab offers advisers, suggesting a selective approach to AI partnerships1

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Nevis plans to deploy the fresh capital to expand agent capabilities, deepen integrations across the custodian and wealth tech ecosystem, and grow its product and go-to-market teams1

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. As the wealth management industry grapples with demographic shifts and technological transformation, platforms that can automate routine tasks while maintaining compliance and security standards will likely become essential infrastructure for advisory firms seeking to scale operations without proportionally expanding headcount.