Nevis Raises $70 Million for AI Software for Wealth Advisers; A Source Tells Fortune the Round Values It at $500 Million
Nevis, a startup that sells AI software to wealth-management firms, announced a $70 million Series B on October 26, led by EQT Ventures, with Charles Schwab and QuantumLight joining existing investors; total funding is $110 million. Fortune reports, citing a person familiar who asked not to be named, that the round values Nevis at $500 million; the company has not disclosed a valuation in the sources we read. Nevis says assets on its platform grew from $50 billion to $700 billion this year, a figure the company supplied and we could not verify.
Nevis is selling AI agents to wealth-management firms on the argument that the industry is short of advisers, and its numbers on growth come from the company itself.
The round#
Nevis says its Series B raised $70 million, led by EQT Ventures, bringing total funding to $110 million. Charles Schwab and QuantumLight joined as investors, alongside existing backers Sequoia Capital, ICONIQ and Ribbit Capital. WealthManagement.com describes QuantumLight as the fund of Revolut founder and CEO Nik Storonsky. EQT Ventures partner Carolina Brochado will join Nevis's board.
Fortune reports that the round values Nevis at $500 million, citing a person familiar with the matter who asked not to be named. WealthManagement.com does not give a Series B valuation; it says Nevis's December Series A of $35 million valued the company at $200 million.
What Nevis does#
Fortune describes Nevis as a 70-person company launched in October 2024 by former Revolut executives Mark Swan, Philipp Burda and Ivan Chalov. It says Nevis uses AI to take paperwork and routine tasks off advisers' plates. WealthManagement.com describes a unified AI platform that automates end-to-end workflows for wealth-management firms. Swan told Fortune that advisers can spend up to 80% of their day on administrative work across eight to 10 software systems.
Nevis says assets managed by advisory firms using its platform grew from $50 billion to $700 billion this year, with about $75 billion added each month. Fortune says it has roughly 20 customers, including Focus Financial Partners, IEQ Capital and United Capital, and a second office in London.
The adviser-shortage case#
Fortune cites a McKinsey estimate from 2025 that 110,000 advisers, more than a third of the workforce, would retire over the following decade, and the firm's projection of a shortfall of roughly 100,000 advisers by 2034 unless the industry serves more clients. WealthManagement.com quotes a statement from Brochado saying that wealth management faces "a growing capacity gap, with advisors retiring as demand for advice rises."
Limits#
- The asset-growth and customer figures are Nevis's; we found no independent verification, and the two outlets name different customers: WealthManagement.com lists United Capital, IEQ Capital and GC Wealth, and Fortune lists Focus Financial Partners, IEQ Capital and United Capital among roughly 20.
- The $500 million valuation and the 70-person headcount come from Fortune; the valuation rests on one unnamed person.
- Only WealthManagement.com describes QuantumLight as Storonsky's fund; Fortune does not.
- Neither outlet reports Nevis's revenue.