Nevis raises $70 million to expand AI platform for wealth management

Nevis, a New York-based fintech startup, has raised $70 million in a Series B funding round led by EQT Ventures. The round included participation from Charles Schwab and QuantumLight, a fund managed by Revolut founder Nik Storonsky, alongside existing investors such as Sequoia Capital, ICONIQ, and Ribbit Capital. This latest injection brings the company’s total funding to $110 million and places its valuation at approximately $500 million.

Founded in 2024 by former Revolut executives Mark Swan, Philipp Burda, and Ivan Chalov, Nevis develops AI agents designed to automate administrative tasks for financial advisors. The platform handles functions such as meeting preparation, note-taking, client onboarding, and account maintenance. By integrating with existing CRM systems and custodians like Schwab and Fidelity, the software aims to reduce administrative workloads by up to 80%, allowing advisors to focus on client relationships.

The company has seen rapid scaling, with assets managed through its platform growing from $50 billion to $700 billion. Nevis currently serves major firms including Focus Financial Partners, IEQ Capital, and United Capital. The startup's growth comes amid industry projections suggesting a significant shortage of financial advisors due to upcoming retirements and a massive intergenerational transfer of wealth.