The Pulse
Nevis Raises $70M as Assets on Its Platform Reach $700B
Nevis raised a $70 million Series B led by EQT Ventures, bringing its total funding to $110 million. The wealth-management software company says firms using its AI platform now represent more than $700 billion in assets.
AI.info Team · Written with AI · fact-checked ·
More than $700 billion in assets are now held by wealth-management firms using Nevis, up from $50 billion a year ago, the company says. On October 26, the New York-based startup announced a $70 million Series B led by EQT Ventures, bringing its total funding to $110 million. The round also includes Charles Schwab, QuantumLight, Sequoia Capital, ICONIQ and Ribbit Capital.
Nevis brings advisor workflows into one platform
Nevis sells software to wealth-management firms and registered investment advisers, combining customer relationship management, meeting intelligence, financial planning and custodial workflows. Its AI agents are designed to carry out operational tasks across those functions, rather than assist with just one step such as meeting notes or document processing. The company says it plans to use the new capital to develop its agents and expand across the wealth-management technology stack.
CEO Mark Swan told Fortune that the company set out to give advisors AI that could take on routine work. “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,” Swan said. Nevis was founded in 2024 by Swan, Philipp Burda and Ivan Chalov, who previously worked at Revolut.
Nevis says advisors gain up to 10 hours a week
The company says advisors using its platform reclaim as much as 10 hours each week, take 30% more prospect meetings and can generate financial plans and proposals in minutes. Nevis also says its tools shorten account openings from weeks to days. Those figures come from the company; its funding announcement does not describe how the results were measured or provide a comparison group.
Nevis names Focus Financial Partners, IEQ Capital and United Capital among its customers. It says the platform’s assets grew from $50 billion to more than $700 billion over the past year, with about $75 billion added monthly. The company also reports that revenue grew more than 25-fold and that its agents have completed more than 100,000 operational tasks. Nevis has 70 employees, according to its announcement.
Schwab joins as investor and platform partner
Charles Schwab is both an investor in the round and a strategic partner. Nevis says the relationship could extend its agents across Schwab’s custodial infrastructure, enabling additional automated workflows for advisors and their firms. EQT Ventures partner and head Carolina Brochado will join Nevis’s board, while Kaushik Subramanian will serve as a board observer.
Fortune reported that the round values Nevis at $500 million, citing a person familiar with the matter who requested anonymity. The company did not state a valuation in its funding announcement. It also did not specify how the $70 million will be divided among product development, hiring or other expenses.
Automation still leaves advice with people
Nevis presents its software as a way to reduce administrative work while leaving financial advice human-led. The company’s pitch depends on connecting data and workflows across firms’ existing systems, including custodians, while giving advisors room to serve more clients. The latest funding is earmarked for expanding those agents and extending the platform across more of the technology stack, but Nevis has not broken out a product-by-product spending plan.