Former Revolut Execs' AI Wealth Management Startup Nevis Raises $70M Series B at Reported $500M Valuation
Nevis secures $70M led by EQT Ventures to automate financial advisor workflows amid a projected US talent shortage.
New York-based AI startup Nevis has announced a $70 million Series B funding round led by EQT Ventures. According to Fortune, citing a person familiar with the matter, the round values the company at $500 million. Founded in October 2024 by former Revolut executives Mark Swan, Philipp Burda, and Ivan Chalov, Nevis develops AI software designed to automate administrative tasks for financial advisors.
New investors QuantumLight and Charles Schwab Corp. joined the round alongside existing backers Sequoia Capital, Iconiq, and Ribbit Capital. Carolina Brochado, a partner at EQT Ventures, will join Nevis's board. The latest raise brings Nevis's total funding to $110 million over two years.
The company targets a structural labor gap in the US wealth management industry. McKinsey estimated in 2025 that more than a third of US financial advisors would retire over the next decade, creating a shortfall of roughly 100,000 advisors by 2034. This coincides with a massive generational wealth transfer, as baby boomers are expected to pass nearly $100 trillion to heirs and charities through 2048.
Nevis CEO Mark Swan stated that traditional advisors can spend up to 80% of their day on administrative work, juggling eight to 10 separate software systems. The company's AI agents aim to handle these manual tasks, allowing advisors to focus on client service. Nevis reports that assets managed by advisory firms using its platform grew from $50 billion to $700 billion over the past year, adding approximately $75 billion monthly. The startup currently serves around 20 customers, including Focus Financial Partners and United Capital.