AI startup Nevis raises $70M to cut financial advisors' paperwork

Nevis, a New York startup that uses AI to take paperwork off the desks of financial advisors, has raised $70 million. The company announced the Series B round on Monday. A Series B is a later funding round for a company that has already started to grow. EQT Ventures led it. A source who asked not to be named says the deal values Nevis at $500 million.

What Nevis does

Nevis builds AI software that acts like a set of digital assistants for advisory firms. These assistants handle manual, routine work so advisors can spend more time with clients. CEO Mark Swan says the goal is to help advisors save time, grow their business and improve service.

The problem is a cluttered workday. Swan says advisors can spend up to 80% of their day on administrative work. They juggle eight to 10 separate software systems. Carolina Brochado of EQT Ventures put the number at about seven outdated systems for the average advisor. Nevis wants to replace that patchwork with one platform.

Why advisors are in short supply

Many advisors are close to retirement, and more people want advice. McKinsey estimated in 2025 that 110,000 advisors, more than a third of the workforce, would retire over the next decade. It projects a shortfall of roughly 100,000 advisors by 2034 unless the industry finds ways to serve more clients.

Demand is also rising because of a large transfer of wealth between generations. Cerulli Associates projected in 2024 that baby boomers and older generations will pass nearly $100 trillion to heirs and charities through 2048.

Growth and backers

Nevis launched in October 2024 and has about 70 employees. Its three cofounders, Swan, Philipp Burda and Ivan Chalov, are former Revolut executives. The company says assets overseen by advisory firms on its platform grew from $50 billion to $700 billion in a year, with roughly $75 billion added each month.

• About 20 customers, including Focus Financial Partners, IEQ Capital and United Capital
• Total funding now stands at $110 million
• New investors include QuantumLight and Charles Schwab Corp.
• Sequoia Capital, Iconiq and Ribbit Capital are returning backers
• A second office has opened in London

What is not known

The valuation comes from an unnamed source, not from the company. The material does not say what Nevis charges, how it will change fees for clients, or how much of an advisor's work the AI can safely handle on its own. Brochado will join the Nevis board as part of the round.