New York-based startup Nevis has raised $70 million to develop software that uses AI to handle routine administrative work for financial advisers, as the industry faces a growing shortage of professionals. The company, founded by three former Revolut executives, is now valued at $500 million, according to a person familiar with the matter.
The Series B funding will support the 70-person firm’s efforts to expand its platform, which is designed to give advisers more time to work with clients and develop their businesses.
“There was an opportunity to give financial advisors access to AI agents that can actually do that manual work for them, so that they can save time, grow their book of business, and expand the level of service,” said Nevis chief executive Mark Swan.
Swan founded Nevis in October 2024 with Philipp Burda and Ivan Chalov. The company’s technology is aimed at a profession in which administrative work can account for as much as 80% of an adviser’s day, according to Swan.
The pressure on the sector is expected to increase as many advisers approach retirement. McKinsey estimated last year that 110,000 advisers, more than a third of the workforce, could retire over the following decade.
Without changes to how advice is delivered, the firm projected a shortfall of about 100,000 advisers by 2034. Demand is also being fuelled by the transfer of wealth between generations, with almost $100 trillion expected to pass from baby boomers and older generations to heirs and charities through 2048, according to a 2024 projection by Cerulli Associates.
Nevis expands platform for financial advisers
Nevis said assets managed by advisory firms using its platform had increased from $50 billion to $700 billion over the past year. The company said the figure was rising by about $75 billion a month.
Its approximately 20 customers include Focus Financial Partners, IEQ Capital and United Capital. Nevis has also opened a second office in London.
EQT Ventures led the latest investment, taking the company’s total funding to $110 million. QuantumLight and Charles Schwab joined existing investors Sequoia Capital, ICONIQ and Ribbit Capital.
Carolina Brochado, a partner and head of EQT Ventures, will join Nevis’s board. She said the platform’s appeal was its role across an adviser’s everyday workflow.
“An average advisor is dealing with about seven outdated systems to do different things within the workflow,” Brochado said. “What Nevis has built… is a platform that does all these things.”
From Revolut colleagues to startup founders
The idea for Nevis emerged while the three founders worked alongside one another at Revolut’s London offices. Swan led global strategy and operations, Chalov ran the consumer retail business and Burda was responsible for AI.
Swan said a project using early OpenAI models to automate back-office work at Revolut showed how similar tools could help traditional financial firms. The founders left the fintech together to build Nevis, focusing on the wealth management industry and its reliance on multiple software systems.
Swan named the company after Ben Nevis, Scotland’s highest mountain, reflecting his Scottish heritage and the role advisers play in helping families navigate significant financial decisions.
