Nevis Raises $70m to Scale Wealth Management AI for Advisers
The New York startup, founded by former Revolut executives, has brought Charles Schwab and EQT Ventures onto its cap table to automate the back office of advisory firms, just as the industry braces for a shrinking pool of advisers.
Nevis, a New York developer of wealth management AI, has raised a $70m Series B led by EQT Ventures, with The Charles Schwab Corporation joining as a strategic investor. The round, announced on 26 October 2026, takes the two-year-old company's total funding to $110m and places one of the largest custodians in US wealth management on its cap table at a moment when the industry is bracing for a wave of adviser retirements.
What does Nevis actually do?
Nevis sells software that takes the administrative work out of financial advice. It combines client relationship management, meeting intelligence, financial planning and custodial workflows in a single platform, and its AI "agents" complete operational tasks end to end: opening accounts, preparing proposals, and chasing the paperwork and signatures that sit between an adviser and a funded client. The platform plugs into the CRM systems firms already run and connects to custodians such as Schwab and Fidelity without forcing a data migration. The company says its agents have completed more than 100,000 operational tasks to date.
Nevis was founded in October 2024 by Mark Swan, Philipp Burda and Ivan Chalov, former executives at Revolut, the roughly $115bn fintech widely described as Europe's most valuable startup. The company employs about 70 people, around 50 of them in engineering.
Who put in the money, and why does Schwab's stake matter?
EQT Ventures led the $70m round. New investors include Schwab, which serves more than 48 million client accounts and supports over 17,000 independent registered investment advisers (RIAs), and QuantumLight, the venture fund of Revolut founder Nik Storonsky. Returning backers Sequoia Capital, ICONIQ and Ribbit Capital increased their commitments. Nevis raised roughly $40m across its seed and Series A rounds, so the new money brings the cumulative total to $110m in two years. Carolina Brochado, Partner and Head of EQT Ventures, joins the board, with colleague Kaushik Subramanian as board observer. Reporting around the deal put the company's valuation at about $500m, up from roughly $200m at its December 2025 launch.
Schwab's involvement is the detail worth pausing on. Schwab is the dominant custodian in the RIA market, the very ecosystem whose paperwork Nevis automates. By taking equity in the software layer that orchestrates custodial workflows rather than simply integrating with it, the incumbent is buying a position in the automation sitting on top of its own rails. Jon Beatty, head of Schwab Advisor Services, framed the investment as an extension of Schwab's own AI ecosystem for advisers. There is also a closed loop in the founder story: three former Revolut executives are now backed by Revolut's chief executive through his fund.
How big is Nevis, really?
The largest figure attached to the company needs careful reading. Nevis says assets "on the platform" grew from $50bn at the start of 2026 to $700bn, with roughly $75bn in new assets added each month. That $700bn is not money Nevis manages, advises on or holds. It is the combined client assets of the advisory firms whose operational work now runs through the software, so the number measures reach and adoption rather than assets under management. Revenue grew more than 25-fold over the same period, though from a small base and without disclosed absolute figures, given the company is barely two years old. Named customers include Focus Financial Partners, IEQ Capital and United Capital.
The company also reports a set of per-adviser outcomes across its deployments: up to 10 hours reclaimed each week, a roughly 30% rise in prospect meetings, financial plans and proposals produced in minutes, and account opening compressed from weeks to days. These are company-stated results rather than independently audited figures, and should be read as the vendor's own measurements.
Why are advisory firms buying automation now?
The pitch lands because the maths of the advice industry is turning against it. Demand for advice is climbing as the "great wealth transfer" accelerates: Cerulli Associates projects that $84.4 trillion will change hands through 2045, with $72.6 trillion passing to heirs and $11.9 trillion to charity. Supply is moving the other way. Cerulli has estimated that more than 100,000 advisers, close to a third of the workforce, are set to retire over the coming decade, while overall adviser headcount has barely grown for years.
That gap between rising demand and flat supply is the engine behind the funding. The bet is that each remaining adviser will need to serve more clients, and that software handling the operational load is how firms add capacity without adding headcount.
How does this fit the wider AI-for-advice wave?
Nevis is one of several companies applying agentic AI to wealth management, but it sits on the infrastructure side rather than the consumer side. Where some startups build AI front ends for individual investors, among them the UK's Quartz, which operates as an account-information service without regulated-advice permissions, Nevis automates the operational layer behind professional advisers instead of giving advice or holding assets. Its competitive position rests on integration depth across custodians and CRMs, which is harder to copy than a chatbot but also contestable: custodians, established wealthtech vendors and CRM providers are all building similar agentic features. The round, and Schwab's backing, buys Nevis distribution and time. The open question is whether its reported growth rates hold as larger incumbents move into the same workflow.
Why This Matters to FinanceX Readers
For wealth management firms, the proposition here is capacity, not cleverness: more client throughput from the same headcount as the adviser pool thins. For investors and incumbents, a major custodian taking equity in an automation layer, rather than merely connecting to it, signals that custodians now see agentic AI as something to own a stake in. The figures to anchor on are the verifiable ones: $110m raised, Schwab on the cap table, and a market where Cerulli expects $84 trillion to move and more than 100,000 advisers to leave within a decade. The figures to treat with care are the self-reported growth metrics, including the $700bn "on platform" number, which measures software reach rather than assets managed.
