Nevis: US$70M to Free Financial Advisers From Paperwork With AI Agents

Nevis, a New York-based startup that builds AI software for wealth management firms, raised US$70 million in a Series B round led by EQT Ventures, announced on October 26, 2026. Charles Schwab and QuantumLight, the venture fund set up by Revolut founder Nik Storonsky, joined as new investors, while Sequoia Capital, ICONIQ and Ribbit Capital invested again. The round brings total funding to about US$110 million. Nevis was founded in late 2024 by three former Revolut executives: CEO Mark Swan, chief product officer Philipp Burda and chief operating officer Ivan Chalov. Carolina Brochado, partner and head of EQT Ventures, joins the board.

The platform brings client records, meeting notes, financial planning and account paperwork into one place, and uses AI agents to handle routine adviser tasks such as preparing financial plans and opening client accounts. Customers include Focus Financial Partners, which signed a firm-wide partnership and made an undisclosed investment, as well as IEQ Capital and United Capital. The company says client assets managed through its platform grew from US$50 billion to US$700 billion this year, revenue rose more than 25 times, and its agents have completed over 100,000 tasks. Nevis plans to use the money to expand its agents, connect with more custodians and wealth software, and grow its product and sales teams.

Market Context

Nevis is growing fast in a crowded field. It raised a US$35 million Series A in December 2025 at a US$200 million valuation, according to Bloomberg. The company did not disclose its new valuation, but a source cited by Fortune put it at US$500 million. Rivals are also raising large rounds: Jump, an AI meeting assistant for advisers, raised US$80 million in a Series B led by Insight Partners, Savvy Wealth raised US$100 million at a US$600 million valuation, and Arca came out of stealth with US$64 million, according to Tech Funding News.

The demand comes from a staffing problem. McKinsey estimated in 2025 that about 110,000 U.S. financial advisers will retire within the next decade, while demand for advice keeps rising. Swan has said advisers can spend up to 80% of their time on administrative work across eight to ten different software tools. Nevis says advisers on its platform save up to 10 hours a week and hold 30% more meetings with potential clients.

Key Signal

"Nevis agents finish the work, so every advisor can give every client the white-glove attention of a full-service team." Mark Swan, co-founder and CEO, Nevis (via The Next Web)

Regional Relevance

For the United States, the round is a sign that the biggest players in wealth management want AI built into the adviser's daily workflow. Schwab is one of the country's largest brokers and custodians for independent advisers, and its investment widens the AI tools it offers them. According to The Next Web, the move came weeks after Schwab blocked outside AI agents, including Meta's Muse, from moving client money, which suggests the firm prefers to work with vetted partners rather than open its platform to any AI tool.

For the United Kingdom and Europe, Nevis is another example of fintech talent from Revolut building companies for the U.S. market. The founders first planned to start in the UK but moved their focus to the United States on Sequoia's advice, while keeping an office in London. The lead investor, EQT Ventures, is part of Swedish investment group EQT, showing that European capital is also chasing the U.S. wealth management opportunity.

The Other Side

What does US$700 billion really measure? The figure refers to client assets held by firms that use Nevis, not money Nevis manages or earns from. Revenue growth of more than 25 times is also company-reported, with no starting figure disclosed, so the scale of the business remains unclear.

Can Nevis stand out in a crowded market? Jump, Savvy Wealth and Arca are all well funded and chasing the same advisers, and Jump is already testing account opening. Large custodians and wealth software vendors could also build similar tools themselves.

How much should AI handle with client money? Opening accounts and preparing financial plans involve regulated decisions. Schwab's recent move to block outside AI agents shows the industry is still deciding how far automation should go, and the announcement does not explain how errors are caught or who is responsible for them.

Sources & Transparency

• Nevis raises $70M to expand its AI platform for wealth advisers
• Nevis Raises $70M for AI Wealth Platform Growth
• Nevis raises $70M as EQT, Schwab and QuantumLight back ex-Revolut team's AI for wealth advisers
• Nevis Raises $70M Series B to Build AI Operating System for Wealth Management
• Nevis Raises $70 Million Series B With Schwab Backing as AI Agents Take Over Wealth Adviser Back Office Work