Product Designer

Nevis raises $70M to bring AI agents to wealth advisers. EQT Ventures led the Series B, with Charles Schwab joining, as the former Revolut executives behind Nevis expand artificial intelligence (AI) agents that handle advisers' paperwork. Former Revolut executives Mark Swan, Ivan Chalov and Philipp Burda have raised $70M for Nevis, their startup that uses AI agents to take paperwork off wealth advisers' desks. EQT Ventures led the Series B round, which brings the company's total funding to $110M about two years after it launched. Carolina Brochado, a partner and head of EQT Ventures, is joining the Nevis board, while fellow partner Kaushik Subramanian becomes a board observer. Brochado said the three founders had "built an exceptional AI platform at a time when wealth management faces a growing capacity gap", adding that Nevis is "helping firms serve more clients and scale efficiently". That gap is the problem Nevis is built around. Its agents are designed to take over routine work such as forms, notes and follow-ups from start to finish, with the aim of letting a firm look after more clients without adding staff at the same rate. Two new strategic investors joined the round. One is Charles Schwab, the American brokerage that supports more than 17,000 independent registered investment advisers (RIAs), the advisory firms that make up much of Nevis's market. The other is QuantumLight, the fund set up by Revolut founder Nik Storonsky, which reunites the founders with their former boss as an investor. Existing backers Sequoia Capital, ICONIQ and Ribbit Capital all put in more money. Jon Beatty, head of Schwab Advisor Services, said the brokerage has "built an AI ecosystem that gives advisors greater choice and access to capabilities that can help them run and grow their firms". Nevis plans to spend the money on giving its agents more abilities, connecting with more of the custodians and software that advisers rely on, and growing its product and sales teams. One platform for advisers' admin. Nevis describes itself as an AI operating system for wealth management. It brings several tools that advisers usually run separately into one place: customer relationship management (CRM) software, meeting notes, financial planning and the paperwork that passes between an advisory firm and its custodian, the institution such as Schwab or Fidelity that actually holds clients' money and investments. In practice, that means the platform can turn meetings and emails into tasks, draft replies, prepare advisers for meetings and gather client data. On the back-office side, it automates account opening at Schwab and Fidelity, moves money between accounts and handles client onboarding and account maintenance. Rather than relying on one AI model, Nevis routes work across models from Anthropic, OpenAI and others. The company says it has enterprise-level agreements with leading AI providers, never uses private client data to train AI models and is SOC 2 Type II compliant, meaning it has passed an independent audit of how it protects customer data. It is also adding voice. In December 2025 Nevis bought Ledra AI, a startup specialising in conversational and voice AI, to build an agent for voice and analytics. Swan wrote in a blog post at the time that "voice AI is the next frontier in how people interact with software". Focus Financial signs up. Earlier this month, Focus Financial Partners chose Nevis as its enterprise AI platform. Focus, a network of wealth management firms with more than $500B in client assets, described the deal as a "significant investment in Nevis' wealth management technology", without giving terms. Justin Ferri, Focus's chief operating officer, said "the first work will center on account opening, client onboarding, and similar repetitive manual tasks". Swan said "every Focus advisor will work from Nevis as a single AI operating system, with agents that complete work end-to-end". The deal leaves Focus with some overlap to sort out. In January it rolled out an AI assistant from Jump, another startup selling to advisers, to 800 of its advisers. Both tools take meeting notes, and Jump has begun testing account opening in a limited beta. Focus has said it will review how the tools work together as the rollout develops, but that "there is no change to the tools our teams use today". Other named customers include IEQ Capital and United Capital, and Nevis says its clients include some of the largest and fastest-growing advisory firms in the United States. Growth the company reports. According to Nevis, its revenue has grown more than 25 times this year. Over the same period, assets on its platform rose from $50B to $700B, and it says about $75B in new assets is now being added each month. That money belongs to advisers' clients, not to Nevis. The company says its agents have completed more than 100,000 operational tasks. It also says customers get back up to 10 hours a week, hold 30% more meetings with prospective clients and open accounts in days rather than weeks. None of these figures has been independently verified. "Our customers measure Nevis in business results: more client calls, hours back every week, and accounts opened every day," Swan said. From Revolut to Wealth Management. The three founders met at Revolut, the British digital bank, before starting Nevis in 2024. Swan is chief executive, Burda is chief product officer and Chalov is chief operating officer. The company takes its name from Ben Nevis, the highest mountain in Scotland, where Swan is from. Sequoia led a $5M seed round, and in December 2025 Nevis came out of stealth with a $35M Series A from Sequoia, ICONIQ and Ribbit Capital. At that stage it had about 30 staff, mostly in product, engineering and AI, and early customers included United Capital, GC Wealth and Apollon Wealth Management. Nevis steps up. Nevis now has fresh money from EQT Ventures, two strategic backers in Schwab and QuantumLight, and a large new customer in Focus Financial Partners. Its plan is to keep moving advisers' routine work, from account opening to meeting follow-ups, onto agents that complete tasks end to end. The growth and time-saving figures come from the company itself, and Nevis is not the only startup chasing this work. At Focus, it shares the ground with Jump, and the firm is still reviewing how the two work together. For now, Nevis is betting that advisory firms will want one AI system running their operations rather than a collection of separate tools. With Schwab among its investors and Focus among its customers, its next test is turning those relationships into wider use across American advisory firms.

Nevis raises $70M as EQT, Schwab and QuantumLight back ex-Revolut team's AI for wealth advisers. October 27, 2026 * Nevis has raised $70m in Series B, led by EQT Ventures, with Schwab also joining. * QuantumLight, the fund set up by Nik Storonsky, founder of Revolut, also invested in the team of former Revolut execs. * Nevis says their platform assets went from $50bn to $700bn in 2026. When Mark Swan joined Revolut in the summer of 2021, he found himself in an office with no manager. Ivan Chalov came along and became his manager. Today, Swan, Chalov and Philipp Burda have raised $70m for Nevis, the AI firm that works for wealth managers. EQT Ventures led the round, bringing total funding to $110 million. Charles Schwab and QuantumLight, Nik Storonsky's fund, joined as new strategic investors. Sequoia, ICONIQ and Ribbit all increased their commitments. Nevis has not disclosed its valuation. A source quoted by Fortune said the round values Nevis at $500 million. Earlier, Bloomberg reported a $200 million valuation at the $35 million Series A in December 2025. That's some 2.5x higher in under a year. From Revolut deskmates to startup founders. From Aberdeen, Swan led global strategy and operations at Revolut. Chalov led the consumer retail business, and Burda led AI. Swan left in the spring of 2024. By summer, he had observed that financial advisers can spend up to 80% of their time on admin, using anywhere from 8 to 10 different software packages. Sequoia had Swan on its radar as a potential founder per its Nevis profile. He was on the watch list of former Sequoia talent leads. Luciana Lixandru and George Robson, both former Revolut employees who left in 2020, met with him and led the $5m seed round in September 2024. Burda and Chalov both left Revolut to join elsewhere. The original plan was to target the UK, but Sequoia's partners pushed them toward the US market, which they felt was a bigger opportunity. Swan started going out to meet customers. He went to Newport Beach to meet Jim Rivers, President of United Capital, and he drove from Tampa to Miami to meet Brad Goodman, COO of Apollon Wealth Management. That meeting turned into a very long strategic session. What sits behind the $700 billion. Nevis says assets under management by firms on its platform grew from $50 billion to $700 billion in 2026, adding about $75 billion each month. Revenue reportedly increased by over 25x during that period. The company claims that its agents have completed over 100,000 operations. Advisers on the platform can save up to 10 hours a week, have 30% more prospect meetings and open accounts in days rather than weeks. The platform combines CRM, meeting intelligence, financial planning, and custodial workflows to help advisers produce a bespoke financial plan and proposal in minutes. The customer list includes Focus Financial Partners, IEQ Capital and United Capital. Others are also raising substantial sums. Jump, the AI meeting assistant for advisers, raised $80 million in Series B, led by Insight Partners, and aims to become a full AI operating system for advisers, a goal Nevis is also pursuing. Savvy Wealth, an AI advisory firm, raised $100 million in Series C at a $600 million valuation and is very close to $100 million in annual recurring revenue. Arca is another AI-native firm that has just emerged from stealth with $64 million. Unlike rivals, Nevis is a software company that sells to firms that already have their own advisers. Jump has started testing account opening. The need for these solutions is obvious. In 2025, McKinsey estimated that 110,000 US advisers will be retiring in the next 10 years. Why Schwab and EQT are backing it. With fresh funds, Nevis plans to enhance its AI agents, connect with more custodians and wealth management software, and grow its product and sales teams. The company has circa 70 employees and offices in both London and New York. "We've built an AI ecosystem that gives advisors greater choice and access to capabilities that can help them run and grow their firms. Our investment in and partnership with Nevis expands that ecosystem, helping advisors harness AI to operate more efficiently, increase their capacity and ultimately serve more investors," said Jon Beatty, head of Schwab Advisor Services. "Mark, Philipp and Ivan have built an exceptional AI platform at a time when wealth management faces a growing capacity gap, with advisors retiring as demand for advice rises. Nevis is helping firms serve more clients and scale efficiently. We're excited to bring EQT's network across wealth management and financial services to support their growth and ambition to become the foundational AI platform for the industry," added. Carolina Brochado, a partner and head of EQT Ventures. If the wealth management world follows a similar trajectory, the key issue will be who owns the workflow as custodians, model vendors, and players like Jump vie for control. For Nevis, the $700 billion is the share of assets actually managed on its platform.