Nevis announced Monday that the company raised $70 million in Series B funding to further develop AI software for financial advisors. A person familiar with the matter put Nevis's valuation at $500 million, speaking anonymously because the financial details were private. EQT Ventures led the round, bringing Nevis's total funding to $110 million. New investors QuantumLight and Charles Schwab Corp. participated alongside existing investors Sequoia Capital, ICONIQ and Ribbit Capital. Carolina Brochado, a partner and head of EQT Ventures, will take a seat on Nevis's board as part of the financing.
Nevis is based in New York and employs 70 people. Former executives of Revolut, the fintech valued at $115 billion, launched Nevis in October 2024. CEO Mark Swan founded Nevis with Philipp Burda and Ivan Chalov. Nevis aims to automate paperwork and other routine work so financial advisors have more time for clients. Swan said AI agents could perform manual tasks, allowing advisors to save time, expand business and provide more service.
Nevis said assets managed by advisory firms using the platform increased from $50 billion to $700 billion over the past year. Nevis said those assets were increasing by roughly $75 billion each month. Nevis has roughly 20 customers, including Focus Financial Partners, IEQ Capital and United Capital. Nevis has also established a second office in London. Brochado said an average advisor uses about seven outdated systems for different parts of the workflow. Brochado said Nevis combines those functions within one platform.
Startups including Nevis are relying on AI to increase advisors' capacity as many advisors approach retirement and demand for advice rises. McKinsey estimated in 2025 that 110,000 advisors, more than a third of the workforce, would retire during the following decade. McKinsey projects a shortage of roughly 100,000 advisors by 2034 unless the industry finds ways to serve more clients. Wealth transfers between generations account for some of the growing demand. Cerulli Associates projected in 2024 that baby boomers and older generations would transfer nearly $100 trillion to heirs and charities through 2048.
Swan, Chalov and Burda developed the idea for Nevis while sitting beside one another at Revolut's London offices. Swan headed global strategy and operations, Chalov led the consumer retail business, and Burda led AI. Swan recognized the opportunity while leading a Revolut project that used early OpenAI models to automate back-office tasks. Swan saw potential to create similar software for traditional financial firms that might struggle to build the technology internally. Swan said financial advisors could devote up to 80% of each day to administration while using eight to 10 separate software systems. The three founders left Revolut together to work full-time on Nevis.
Swan chose the name Nevis after Ben Nevis, Scotland's highest mountain, to recognize Swan's Scottish heritage. Swan said the name also represents the dependable guidance advisors give families facing important financial decisions.
Nevis Raises $70M in Series B to Scale AI for Financial Advisors
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Summary
Nevis, a New York-based fintech startup, raised $70 million in Series B funding led by EQT Ventures, bringing total funding to $110 million and valuation to $500 million. The company, founded by ex-Revolut executives, uses AI to automate tasks for financial advisors. Assets on its platform grew from $50 billion to $700 billion in one year. This project funding news highlights Nevis’ push to scale AI in financial services. The AI + crypto news sector continues to attract major investment.
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