Nevis Raises $70 Million From EQT and Charles Schwab After Client Assets on Its Advisor AI Grew From $50 Billion to $700 Billion

Nevis, a New York startup that sells AI agents to financial advisors, has raised a $70 million Series B led by EQT Ventures, with Charles Schwab and QuantumLight, the venture fund of Revolut founder Nik Storonsky, joining as new investors. Existing backers Sequoia Capital, ICONIQ and Ribbit Capital participated. The round, announced Monday, values the 70-person company at $500 million and brings total funding to $110 million.

The founding team comes straight out of Revolut. Mark Swan, who ran global strategy and operations, Philipp Burda, who led AI, and Ivan Chalov, who ran the consumer retail business, started Nevis in late 2024 after a project at Revolut using early OpenAI models to automate back-office work showed them how far behind traditional financial firms were. EQT Ventures partner Carolina Brochado joins the board as part of the deal.

The product targets the least glamorous part of wealth management. Advisors typically spend up to 80 percent of their day on administrative work across eight to ten separate software systems. Nevis consolidates client records, meeting notes, financial planning and account paperwork into one place and lets agents handle routine tasks like preparing plans and opening accounts. The company says its agents have completed more than 100,000 tasks, save advisors up to 10 hours a week, and have increased meetings with potential clients by 30 percent. These are company-reported figures and have not been independently audited.

The growth numbers are the reason investors showed up. Assets managed through the platform grew from $50 billion at the start of the year to $700 billion now, with roughly $75 billion added monthly, and revenue has grown more than 25 times over the same period, again per company statements. Nevis serves around 20 customers, including Focus Financial Partners, IEQ Capital and United Capital, and has opened a second office in London.

Schwab's participation is the strategically interesting part. Earlier this month the brokerage said it would block outside AI agents, including Meta's Muse, from moving client money on its platform, citing safety concerns. Jon Beatty, who runs Schwab's advisor services business, framed the Nevis investment as widening the range of trusted AI tools the firm offers advisers. The message is that Schwab is not against agents, it is picking which ones get access.

The market backdrop explains the urgency. McKinsey projects a shortfall of roughly 100,000 financial advisors by 2034, with about 110,000 advisors, more than a third of the workforce, retiring over the next decade, while an estimated $100 trillion in wealth transfers from baby boomers to heirs and charities through 2048.

Nevis is a test of a broader thesis: vertical agents with deep integration into a regulated industry may be worth more than general-purpose assistants, and the gatekeepers would rather own a piece of the ones they trust. The asset numbers suggest advisors are already voting with their books of business.