Financial advisers spend a large share of their time on paperwork rather than advising clients. A startup that uses artificial intelligence agents to automate that work has attracted backing from some of the biggest names in finance and venture capital.
Nevis has raised $70 million in a Series B round led by EQT Ventures, according to FinTech Global on Tuesday, October 27. Charles Schwab, Sequoia Capital, ICONIQ, QuantumLight and Ribbit Capital also participated. The round brings Nevis's total funding to $110 million within two years of its launch.
What Nevis does
Nevis has built what it describes as an AI operating system for wealth management. The platform combines customer relationship management, meeting intelligence, financial planning and custodial workflows, with AI agents that handle operational work from start to finish.
In practice, that means tasks such as preparing for client meetings, summarising conversations, updating records, opening accounts and processing paperwork can be completed by AI agents, freeing advisers to spend more time with clients.
Nevis says its AI agents have handled more than 100,000 operational tasks.
Rapid growth
The growth figures are striking. Assets overseen by firms using Nevis have risen from $50 billion to more than $700 billion over the past 12 months, with about $75 billion added each month, according to FinTech Global. The company says its revenue has increased more than 25-fold, and it employs about 70 people.
Clients include Focus Financial Partners, IEQ Capital and United Capital, large wealth management firms that oversee assets for thousands of clients.
Why investors are backing it
"Nevis is helping firms serve more clients and scale efficiently," said Carolina Brochado of EQT Ventures, crediting the founders with building the platform.
The participation of Charles Schwab, one of the largest custodians for independent financial advisers in the United States, is particularly significant. "Our investment in and partnership with Nevis expands that ecosystem," said Jon Beatty of Schwab Advisor Services.
Schwab's involvement could help Nevis integrate more deeply with the custodial systems that many advisers rely on, an important advantage in a market where data integration is often a barrier to adopting new technology.
The productivity problem in wealth
Wealth management is a large and profitable industry, but it faces productivity challenges. Advisers must comply with extensive regulations, document their recommendations and manage administrative tasks, leaving less time for client relationships. At the same time, the industry faces a shortage of advisers as many approach retirement.
AI agents could allow each adviser to serve more clients, potentially making financial advice more accessible and affordable. That potential has attracted significant investment in wealthtech startups.
The agentic AI race
Nevis is part of a broader wave of startups building AI agents for specific industries, from law and accounting to healthcare and finance. These companies argue that general-purpose AI tools are not enough, and that industry-specific agents with deep integrations into existing systems can deliver greater value.
Investors have poured money into such companies, betting that AI agents will transform knowledge work. The challenge is to deliver reliable, accurate results in regulated industries where mistakes can be costly.
What it means for India
India's wealth management industry is growing rapidly as the number of affluent individuals rises and more households invest in mutual funds, equities and other financial products. Wealth managers and financial advisers in India face similar productivity challenges, along with regulatory requirements from the Securities and Exchange Board of India.
Indian wealthtech startups are also building AI tools for advisers and investors, and the success of companies such as Nevis could attract investor interest to the sector. India's large pool of software engineering talent also makes it a hub for building fintech products for global markets.
Regulation and trust
The use of AI in financial advice raises regulatory questions. Regulators in the United States and elsewhere are examining how firms use AI, particularly when it influences recommendations to clients. Ensuring that AI agents operate accurately, protect client data and comply with rules will be essential for adoption.
Nevis focuses on operational work rather than investment advice itself, which may reduce regulatory risk, though data privacy and security remain critical.
The founders' pedigree
Nevis has been described in some reports as founded by former Revolut executives, though FinTech Global's report did not detail the founders' backgrounds. EQT's Carolina Brochado credited the founding team for building the platform. Revolut alumni have founded a number of fintech startups in recent years, drawing on the company's experience in building consumer financial products at scale.
The speed of Nevis's growth, reaching $700 billion in assets on its platform within two years of launch, is unusual in enterprise software, where sales cycles for large financial institutions are often long.
How AI agents differ from software
Traditional software tools help advisers manage information, but they still require humans to complete tasks. AI agents aim to complete tasks themselves, such as preparing documents, updating records and following up on client requests, with humans reviewing and approving their work. If they prove reliable, they could significantly reduce the time advisers spend on administration.
Wealth management's AI wave
Nevis is one of many startups and established firms bringing AI to wealth management. Large wealth managers and banks have been deploying AI tools to help advisers prepare for meetings, analyse portfolios and personalise recommendations. Custodians and software providers serving independent advisers are also integrating AI into their platforms. The competition means that startups like Nevis must continue to innovate quickly and deepen integrations to stay ahead.
Schwab's strategic interest
Charles Schwab's investment reflects its interest in tools that make independent advisers more productive, since many of them hold client assets with Schwab. More productive advisers can serve more clients, which can bring more assets onto Schwab's platform.
What comes next
With new funding, Nevis plans to scale its AI operating system for wealth firms. Its rapid growth in assets on the platform suggests strong demand, and investors will watch whether it can sustain that momentum while expanding its capabilities.
For the wealth management industry, the rise of AI agents could reshape how advisers work, potentially allowing them to serve more clients at lower cost, and making financial advice more widely available. For the broader fintech industry, the round shows that investors remain willing to commit large sums to AI-native companies that can demonstrate rapid adoption by established financial institutions.
