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Nevis, the London and New York AI platform for wealth advisers, has closed a €62 million Series B with Charles Schwab as a new backer, taking its total funding to €98 million.
Key Takeaways
- Nevis closed a €62M (about $70M) Series B on October 26, 2026, led by EQT Ventures.
- Charles Schwab and QuantumLight joined as new investors, and Sequoia Capital, ICONIQ and Ribbit Capital returned.
- Total funding is now about €98M ($110M). The company did not disclose a valuation.
Lead
Nevis, an AI operating system for financial advisers, announced a €62 million ($70 million) Series B on October 26, 2026. EQT Ventures led the round. New investors Charles Schwab and QuantumLight joined existing backers Sequoia Capital, ICONIQ and Ribbit Capital. The company, founded in October 2024, has raised about €98 million ($110 million) in roughly two years.
The company says it will use the money to expand its agent capabilities, deepen integrations with custodians and other wealthtech vendors, and grow its product and go-to-market teams.
What Does Nevis Actually Sell?
Nevis sells software that automates the administrative work of wealth advisers. It combines a CRM, meeting intelligence, financial planning and custodial workflows in one platform. Its AI agents handle operational tasks end to end, and the company says they have completed more than 100,000 of them.
The product targets a familiar irritation. An EQT Ventures partner has described the average adviser as working across about seven outdated systems to do different jobs. Nevis wants to replace that stack with one interface. In practice, it competes with the incumbent CRM and planning vendors that advisory firms already pay for.
Customers include Focus Financial Partners, IEQ Capital and United Capital. Fortune counts roughly 20 customers. Assets under management on the platform have grown from about $50 billion to about $700 billion (over €625 billion), with roughly $75 billion added each month.
Who Founded Nevis and How Fast Has It Grown?
Nevis was founded by three former Revolut executives who sat together in the fintech's London office. Mark Swan, the CEO, led global strategy and operations there. Philipp Burda, the chief product officer, headed AI. Ivan Chalov, the COO, ran the consumer retail business.
The growth figure needs context. A jump from $50 billion to $700 billion in assets reflects a small number of very large enterprise customers coming onto the platform, not a broad base of individual advisers. With about 20 customers, the loss or gain of one large firm moves the number sharply. Assets on the platform also do not equal revenue, which Nevis has not disclosed.
What Does the Round Imply About Valuation?
Fortune reported that the round values Nevis at $500 million, while the company itself has not confirmed a figure. If accurate, that is about 7 times the new money raised and a large step up for a company less than two years old. The earlier rounds totalled roughly $40 million, implied by the gap between the $70 million Series B and $110 million in total funding.
The valuation reads as a bet on distribution rather than current revenue. The returning investors, including Sequoia, ICONIQ and Ribbit, doubled down after seeing the customer pipeline from inside the company. That signal carries more weight than a new lead alone, though it also means the existing syndicate sets the price.
Why Did Charles Schwab Invest?
Schwab invested because custodians sit at the centre of the adviser workflow, and software that automates account opening, transfers and paperwork touches their operations directly. The firm is one of the largest custodians serving independent advisers in the United States. A strategic stake gives Nevis credibility with custodial partners and a potential route into integrations.
It also carries a risk. A custodian-backed vendor may face questions from advisers who work with competing custodians. Nevis has said it plans to deepen integrations across the wider custodian ecosystem, which will test how neutral it can remain.
Why Is Wealth Management Targeting AI Now?
The adviser workforce is shrinking while the assets it manages are growing. McKinsey estimates that more than 110,000 US advisers, over one-third of the workforce, will retire within a decade, leaving a projected shortfall of about 100,000 by 2034. At the same time, about $100 trillion is expected to change hands between generations through 2048.
Firms facing that gap have two options: hire more people or raise the output of each adviser. Automation of notes, compliance records, follow-ups and planning is the cheaper route. Competition is also building. Fortune's coverage of the round sits alongside a wave of AI tools aimed at the same back-office work.
What Comes Next for Nevis?
The company must show that its agents can run reliably in a regulated setting. Financial advice carries compliance obligations, and an agent that mishandles a transfer or a client record creates liability for the adviser, not just a bug report. Large customers will expect audit trails and clear human sign-off.
The second test is revenue. At a reported $500 million valuation, investors will want evidence that assets on the platform convert into recurring contracts. Nevis has not published revenue, margins or pricing.
Outlook
Nevis has gone from founding to a €62 million Series B in about two years, backed by EQT Ventures, Schwab and its earlier investors. The demographic pressure on advisory firms supports demand for its product. What remains unproven is whether a concentrated customer base of about 20 firms can grow into a broad, profitable business as incumbents add their own AI features.
