Nevis, an artificial intelligence platform for the wealth management industry, has raised $70 million in Series B funding, bringing its total funding to $110 million.
The round was led by EQT Ventures and also included Charles Schwab and QuantumLight, the fund of Revolut founder and CEO Nik Storonsky. Sequoia Capital, ICONIQ and Ribbit Capital, early investors in Nevis, also participated in the Series B.
“We’ve built an AI ecosystem that gives advisors greater choice and access to capabilities that can help them run and grow their firms,” said Jon Beatty, head of Schwab Advisor Services, in a statement. “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.”
This follows Nevis’s $35 million Series A capital raise from Sequoia, Iconiq and Ribbit Capital last December. That round valued the company at $200 million.
Nevis has seen significant growth this year, with assets on the platform growing from $50 billion to $700 billion, a run rate of $75 billion in new assets each month. The company already serves some of the largest and fastest-growing wealth management firms, including United Capital, IEQ Capital and GC Wealth.
Just this week, Nevis announced a strategic partnership with Focus Financial Partners to make its enterprise AI platform available across the firm and its subsidiaries. Focus has undergone a multi-year transformation and is deploying AI at scale as part of its growth strategy, making an undisclosed but “significant investment” in Nevis’ wealth management technology.
Nevis, which emerged from stealth mode last year, was founded in 2024 by Mark Swan, Ivan Chalov and Philipp Burda. The three met each other while working at Revolut, the British fintech firm. Nevis is named after Ben Nevis, the highest mountain in Scotland, Swan’s native country.
Carolina Brochado, partner and head of EQT Ventures, will join Nevis’ board of directors as a result of the investment, while Kaushik Subramanian, partner at EQT Ventures, will join as board observer.
“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,” Brochado said in a statement. “Nevis is helping firms serve more clients and scale efficiently.”
Nevis has developed a unified AI platform to automate end-to-end workflows for wealth management firms.
Last December, Nevis acquired Ledra AI, a startup specializing in conversational and voice AI, to enable it to build a voice and analytics agent.
