Nevis Raises $70 Million

Two years after its founding, Nevis has closed a Series B funding round of $70 million. The round is led by European venture capital firm EQT Ventures. Charles Schwab, one of the largest U.S. financial services providers, is also participating as a strategic investor. Other investors include Sequoia Capital, ICONIQ, Ribbit Capital, and QuantumLight, the venture capital firm founded by Revolut founder Nik Storonsky. Sequoia Capital, ICONIQ, and Ribbit Capital were already shareholders in Nevis and have increased their investments as part of this new round. With this fresh capital, the startup’s total funding now stands at $110 million, according to the company. The company’s valuation and the individual investors’ equity stakes were not disclosed. As part of the financing, Carolina Brochado, partner and head of EQT Ventures, is joining Nevis’s board of directors. Kaushik Subramanian will assume the role of board observer. The capital is primarily intended to fund the further development of the AI agents and the expansion of the software platform.

AI Operating System for Financial Advisors

Nevis is developing an integrated software solution for professional asset managers and financial advisors. The company’s approach is to consolidate various applications and administrative processes within a single platform. Features include customer relationship management (CRM), the analysis of client meetings, financial planning, and the processing of transactions with custodian banks. The focus is on AI agents designed to automate recurring workflows. These include, for example, preparing client appointments, creating financial plans, performing administrative tasks, and opening new client accounts. Until now, many asset managers have used different software solutions for these activities. As a result, information often has to be transferred between multiple systems. Nevis aims to integrate these processes and reduce manual effort. The platform is designed to enable financial advisors to spend more time providing personalized service to their clients.

Founder Team with Experience at Revolut

Nevis was founded about two years ago by Mark, Philipp, and Ivan. The three founders know each other from their previous work at the British fintech company Revolut. There, they gained experience in developing and scaling digital financial services. They now aim to apply this expertise to the professional wealth management market. From the founders’ perspective, there is a significant need for modernization in the industry. Many companies rely on legacy IT systems and numerous specialized applications. This results in additional steps, such as when entering client data, documenting meetings, or preparing financial recommendations. Nevis therefore relies on a shared technical infrastructure in which data and workflows are interconnected. The AI is designed to support financial advisors in their daily work and, in particular, to take over time-consuming administrative tasks. According to the company, the personal client relationship remains a central component of wealth management.

More than $700 billion in assets under management

According to Nevis, the company is already collaborating with some of the largest and fastest-growing asset management firms in the U.S. Among the clients mentioned are Focus Financial Partners, IEQ Capital, and United Capital. The companies using Nevis collectively represent more than $700 billion in assets under management. These are assets that are managed or administered by the client companies. This figure does not represent Nevis’s own assets nor capital invested or managed through the platform. Within one year, the assets under management of connected clients reportedly rose from $50 billion to more than $700 billion. According to the company, approximately $75 billion is currently being added each month. The figures show that Nevis is increasingly attracting larger asset management firms as clients. The number of individual companies and financial advisors using the platform has not been disclosed.

Up to ten hours saved per week

Nevis reports significant efficiency gains among its clients. By automating administrative processes, financial advisors are said to be able to save up to ten hours of work per week. Furthermore, according to the company, platform users are conducting approximately 30 percent more meetings with potential new clients. The creation of financial plans and proposals is also said to be considerably faster. Tasks that previously required several manual steps can now be completed in just a few minutes with the help of AI. When opening new client accounts, Nevis reports that processing time has been reduced from several weeks to just a few days. The software handles various operational tasks that were previously handled by advisors or support staff. According to the company, the AI agents have completed more than 100,000 such tasks to date. The productivity figures cited come from the company. Details regarding the sample size, the calculation of time savings, or independent comparative studies have not been published.

Revenue Increased More Than Twenty-Five-Fold Within a Year

In addition to the growth in assets under management for its affiliated clients, Nevis reports strong financial performance. According to the company, revenue has increased more than twenty-fivefold over the past year. Absolute revenue figures or details on profitability have not been disclosed. As a result, the growth rate alone does not allow for any conclusions to be drawn about the current revenue level. At the same time, the company has expanded its product portfolio. According to the company, several dozen new products and features were released over the past year. The team now comprises 70 employees. The combination of a growing client portfolio, new features, and additional capital is now expected to enable further scaling. Nevis plans to expand its AI agents into additional areas of wealth management and integrate further previously separate workflows into the platform.

Charles Schwab Participates as a Strategic Investor

Charles Schwab plays a special role in this funding round. The U.S. financial services provider is not only investing financially but also intends to deepen its technological collaboration with Nevis. According to its own figures, Schwab serves more than 17,000 independent registered investment advisors (RIAs). Across its business segments, the company has more than 48 million client accounts and manages approximately $13 trillion in client assets. For Nevis, the partnership opens up the opportunity to more closely integrate its AI agents with Schwab’s custody and account infrastructure. This is intended to automate additional workflows for financial advisors, particularly processes related to managing client accounts and collaborating with custodian banks. Jon Beatty, Head of Schwab Advisor Services, views the collaboration as an expansion of the existing AI offerings for financial advisors. Specific revenue agreements, exclusive distribution rights, or guaranteed client numbers were not disclosed.

EQT Ventures Sees Growing Need for Automation

Lead investor EQT Ventures cites structural changes in the financial advisory market as the reason for its investment. Demand for professional financial advice is growing, while at the same time, many experienced advisors are retiring. From the investor’s perspective, this creates an increasing need for technologies that make existing advisory teams more productive. Carolina Brochado, Partner and Head of EQT Ventures, sees Nevis as a platform that can help financial firms manage larger client portfolios. EQT intends to leverage its network within the asset management and financial services industries in particular. QuantumLight is also participating in the funding round. The venture capital firm was founded by Revolut founder and CEO Nik Storonsky. For the Nevis founding team, this investment holds special significance, as the founders themselves previously worked at Revolut. The company is also receiving further support from existing investors, including Sequoia Capital, ICONIQ, and Ribbit Capital.

Nevis Aims to Become the Central AI Platform for Asset Management

With this new funding, Nevis aims to expand its platform into additional areas of asset management. In the long term, the software is intended to cover as many administrative processes within a company as possible. To achieve this, the startup plans to further develop its AI agents and expand integration with existing financial systems. The strategy focuses on a comprehensive platform that connects several previously separate applications and workflows. For asset managers, this approach could be particularly attractive if it allows them to deploy personnel more efficiently and serve additional clients. At the same time, the financial sector imposes high requirements regarding data protection, information security, documentation, and regulatory oversight. The use of automated AI agents must therefore be accompanied by appropriate control mechanisms and clear lines of responsibility. With $110 million in total funding, a team of 70 employees, and client firms with more than $700 billion in assets under management, Nevis says it has built a significant market position within two years. The next phase of growth will reveal how far the automation of complex wealth management processes can be expanded and whether the company can maintain its position against established software providers in the long term.