Nevis Raises $70 Million to Expand AI Tools for Financial Advisors

Nevis raised $70 million in a Series B led by EQT Ventures, giving the New York startup more capital to build AI software for financial advisors as the U.S. industry faces a projected labor gap. The financing brings Nevis’ total funding to $110 million.

Charles Schwab and QuantumLight joined as new investors. Sequoia Capital, Iconiq and Ribbit Capital also participated. Carolina Brochado, EQT Ventures’ partner and head, will join Nevis’ board.

The 70-person company launched in October 2024. Its founders, Mark Swan, Philipp Burda and Ivan Chalov, previously worked at Revolut. Swan led global strategy and operations there, Burda led AI and Chalov oversaw the consumer retail business.

Nevis builds AI tools to handle paperwork and other routine work for advisory firms. Nevis CEO Mark Swan said an advisor may spend up to 80% of a workday on administration and use eight to 10 software systems. Carolina Brochado said a typical advisor may contend with about seven outdated systems, and described Nevis’ platform as bringing those functions together.

The idea grew from a Revolut project Swan led that used early OpenAI models to automate back-office tasks. The founders left the fintech to build similar tools for traditional financial firms that might not be equipped to develop the technology themselves.

Advisory firms using Nevis oversee $700 billion in assets, up from $50 billion. Assets overseen by firms using Nevis have been increasing by about $75 billion a month. Nevis counts Focus Financial Partners, IEQ Capital and United Capital among its roughly 20 customers. Nevis now operates a second office in London.

An estimated 110,000 advisors, more than a third of the profession, would retire over the following decade. The potential advisor shortfall was about 100,000 by 2034 if the industry cannot expand the number of clients it serves.

Swan said Nevis’ AI agents are designed to help advisors “save time, grow their book of business” and expand their service. The company plans to continue developing the software with funds from the round.