Nevis, a startup building artificial intelligence software for wealth management firms, has raised $70 million in a Series B funding round led by EQT Ventures, as investors bet that AI agents can transform one of financial services' most labour-intensive industries.
The round, announced on 26 October, drew new investors Charles Schwab, the US brokerage and wealth management giant, and QuantumLight, the venture fund founded by Revolut co-founder and chief executive Nik Storonsky. Existing investors Sequoia Capital, ICONIQ and Ribbit Capital also increased their investments.
The financing brings Nevis's total funding to $110 million. Fortune reported the round valued the company at about $500 million.
Founded by Revolut Veterans
Nevis was founded in late 2024 by Mark Swan, its chief executive, Philipp Burda, chief product officer, and Ivan Chalov, chief operating officer, all former executives at Revolut, the British fintech company that has grown into one of the world's most valuable private financial technology firms.
The company is headquartered in New York and emerged from stealth in December 2025 with $40 million in funding, including a $35 million Series A led by Sequoia Capital.
What Nevis Does
Nevis builds software that brings together client records, meeting notes, financial planning and account paperwork for wealth management firms, combined with AI agents that handle routine tasks such as preparing financial plans and opening accounts.
Financial advisers spend a significant portion of their time on administrative work, from documenting client meetings and updating records to completing forms for account openings and transfers. Nevis aims to automate much of that work, freeing advisers to spend more time with clients and prospects.
The company says its AI agents have handled more than 100,000 tasks. Advisers using the platform report saving up to 10 hours a week and holding 30 per cent more meetings with prospective clients.
Explosive Growth
Nevis's growth has been rapid. The company said its revenue has grown more than 25-fold this year, while client assets managed through its platform have risen from $50 billion to $700 billion, increasing by about $75 billion a month.
Customers include Focus Financial Partners, IEQ Capital and United Capital, firms that serve wealthy individuals and families.
Why Schwab's Involvement Matters
Charles Schwab's participation is particularly significant. Schwab is one of the largest custodians for independent registered investment advisers in the United States, holding client assets and providing the infrastructure that advisers use to manage portfolios. Its investment could pave the way for deeper integration between Nevis's platform and Schwab's custody systems.
Nevis plans to use the new funding to build new agent capabilities, expand integrations with custodians and wealth management software, and hire for product and sales roles. Carolina Brochado, head of EQT Ventures, will join Nevis's board.
The Wealth Management Opportunity
The US wealth management industry oversees tens of trillions of dollars in client assets and is undergoing significant change. An ageing population of financial advisers, many approaching retirement, combined with growing demand for financial advice, has created pressure to make advisers more productive.
Consolidation is also reshaping the industry, as private equity-backed firms acquire independent advisory practices. These larger firms are investing in technology to integrate acquired businesses and improve efficiency, creating demand for platforms like Nevis.
AI is seen as a potential solution to both challenges, enabling each adviser to serve more clients without sacrificing quality. However, the use of AI in financial advice also raises regulatory questions, particularly regarding accuracy, suitability of recommendations, data privacy and record-keeping. Regulators such as the US Securities and Exchange Commission have scrutinised the use of AI and predictive analytics by investment advisers.
Women in Venture Leadership
The round also highlights the role of women in venture capital leadership. Carolina Brochado, who leads EQT Ventures, is one of a relatively small number of women heading major European venture firms, in an industry where women remain significantly under-represented among senior investment decision-makers. Her appointment to the Nevis board places a prominent woman investor at the table of one of the fastest-growing fintech companies of the year.
Implications for India
India's wealth management industry is growing rapidly as rising incomes, a booming stock market and the expansion of mutual funds create a larger class of investors seeking advice. The number of high-net-worth individuals in India has increased significantly, and both domestic and international firms are expanding wealth businesses.
Indian wealthtech startups and established firms are also exploring AI to scale advice and reduce costs. The challenges Nevis is addressing, including administrative burdens and adviser productivity, are relevant in India, where the supply of qualified advisers lags demand.
The Revolut Alumni Network
Nevis is one of a growing number of startups founded by former Revolut executives. Revolut, founded in London in 2015, grew rapidly into a global financial services app with tens of millions of customers, and its alumni have gone on to start companies in payments, banking, crypto and wealth management. Investors often view experience at a fast-scaling fintech as valuable preparation for building new companies.
The participation of QuantumLight, the fund established by Revolut co-founder Nik Storonsky, underscores the strength of that network. QuantumLight has said it uses data-driven methods to identify promising startups, and its backing of a company founded by former Revolut colleagues signals confidence in the team's ability to execute. Such alumni networks, similar to the so-called PayPal mafia in Silicon Valley, can provide founders with capital, advice and connections that accelerate growth.
Nevis's rapid rise in assets on its platform, from $50 billion to $700 billion within a year, illustrates how quickly enterprise software can spread when it solves a pressing problem for large firms.
What Comes Next
With fresh capital and strategic backing from Schwab, Nevis will seek to expand its platform and customer base in the US. Its rapid growth in assets on its platform suggests strong demand, but sustaining that pace will require continued product development and successful integration with the complex systems used by wealth managers.
For the fintech industry, Nevis's round is another sign that AI agents are moving beyond pilots into core workflows in financial services, and that investors are willing to back founders with proven track records in building fintech at scale.
