Summary

• EQT Ventures led the $70 million Series B, joined by Charles Schwab, QuantumLight and existing investors, taking cumulative funding to $110 million.
• Nevis connects customer records, meeting preparation, planning and custodial workflows, with agents intended to complete routine administrative tasks.
• The company's reported $700 billion in assets on the platform represents customer-related assets, not funds owned or managed by Nevis.

Nevis, an AI software developer founded by former Revolut executives, has raised $70 million to expand a platform that automates administrative work for wealth advisers, with European venture capital backing its growth in the predominantly American financial advisory market.

The Series B round, announced on 26 October, was led by EQT Ventures and included investment from Charles Schwab and QuantumLight, the fund established by Revolut founder Nik Storonsky. Existing investors Sequoia Capital, ICONIQ and Ribbit Capital also participated, bringing Nevis’s cumulative fundraising to $110 million.

The company was established in 2024 by Mark Swan, Philipp Burda and Ivan Chalov, who previously worked at Revolut in London. Nevis is headquartered in New York and has a London office, although most of the disclosed commercial relationships involve American wealth management businesses.

The financing will support additional AI agent capabilities, integrations with custodians and financial software, and recruitment across product development and commercial operations.

Advisory firms depend on fragmented software

Financial advisers use a variety of applications to manage client relationships, prepare plans, review portfolios and complete account administration. Those systems may belong to different suppliers and contain related information that is not always presented in a consistent format.

Preparing for a client meeting can involve gathering recent communications, reviewing financial information, checking outstanding requests and producing supporting documents.

Completing administrative work after a meeting may require updates to customer records, the preparation of forms and coordination with a custodian or another financial services provider.

Nevis is developing software intended to connect those activities, allowing staff to retrieve information and delegate defined processes to AI agents without moving manually between each application.

Its platform includes functions associated with customer relationship management, meeting intelligence, financial planning and account workflows.

An agent might prepare a briefing, draft follow-up material or coordinate steps needed to open an account. The level of automation available will depend on the connected systems, the institution’s permissions and the nature of the activity.

Such workflows differ from asking a general-purpose chatbot for advice because they involve operational information and potentially require actions within authoritative business systems.

The usefulness of the technology therefore depends on integration reliability and the ability to distinguish tasks that can be completed automatically from those requiring a regulated professional’s approval.

Reported scale requires careful interpretation

Nevis says the customer assets represented through its platform increased from approximately $50 billion at the start of 2026 to $700 billion.

That figure is not Nevis’s assets under management. The company does not become responsible for managing or holding the underlying investments simply because advisory organisations use its software.

The number provides an indication of the scale of customers adopting the platform, but it does not establish subscription revenue, the proportion of each customer’s business using the technology or the commercial value of individual deployments.

Nevis also reports that its agents have completed more than 100,000 operational tasks. It says advisers using the platform can reclaim up to ten hours a week and increase prospective client meetings by approximately 30%.

Those performance claims have not been supported by sufficiently detailed independent methodology to establish how widely the benefits can be reproduced.

Task completion figures also need context. A relatively simple administrative update and a complex account workflow may both be counted as completed tasks despite requiring different levels of effort and having different commercial value.

Similarly, time saved by an agent must be considered alongside configuration, monitoring and the work needed to check or correct results.

The company has reported revenue growth of more than 25 times during 2026, but has not disclosed absolute revenue or profitability. A large growth multiple can occur when a young business expands from a relatively small base.

Named customers include Focus Financial Partners, IEQ Capital and United Capital, demonstrating commercial adoption without revealing the value or functionality of every customer agreement.

Regulated workflows need defined authority

Financial advice involves responsibilities that cannot be transferred to software merely because an agent can carry out the underlying administrative steps.

Firms must distinguish between preparing information, completing authorised routine activities and making decisions that affect a customer’s financial position.

An AI agent may be able to draft a recommendation or populate a form, but the institution remains responsible for ensuring that the resulting activity complies with its professional and regulatory obligations.

Account changes, movement of assets and instructions to custodians require particularly clear controls because errors may affect financial ownership, customer access or the integrity of records.

Software connected to several systems must respect the permissions that apply to the individual employee and activity. Access to customer information for meeting preparation does not necessarily grant authority to initiate a transaction.

Nevis describes safeguards associated with administrative permissions and the handling of sensitive information, but financial organisations must examine how those controls operate in their own deployments.

Auditability is also important. Firms need records identifying what an agent did, which information it used and whether a human reviewed or authorised the resulting action.

Where software relies on external AI model providers, data handling arrangements introduce another consideration. Institutions must understand which information leaves their systems, how it is processed and the contractual protections governing its use.

Security assurance can support those assessments, although it does not establish that every workflow automatically satisfies all applicable financial regulations.

European investors back an American market

Nevis has clear European connections through its founders, London presence and the participation of EQT Ventures and QuantumLight.

Nevertheless, the product has developed principally around US wealth management workflows and relationships between advisers, custodians and specialist financial software providers.

Expansion into European markets would involve differences in regulatory requirements, customer information practices and the way advice is distributed.

The systems used by wealth management firms also vary between jurisdictions, meaning integrations developed for American customers may not immediately support equivalent activities elsewhere.

Nevis has not announced a detailed European rollout supported by named local customers or disclosed the scale of revenue generated through its London operation.

Its European relevance therefore lies primarily in the founders’ background and the investment behind a financial automation business, rather than an established continent-wide deployment.

For EQT Ventures, the investment provides exposure to a company seeking to embed AI within recurring operational processes rather than sell a general-purpose assistant.

For Nevis, success will depend on maintaining integration reliability, demonstrating measurable improvements and preserving customer control over actions carried out by automated software.

The $70 million round gives the company additional resources to expand those capabilities. Evidence of the resulting commercial value will come from customer retention, independently credible productivity improvements and the ability to extend its technology across different financial systems.