Nevis Raises $70M to Expand Wealth AI
Nevis raised $70M Series B led by EQT Ventures to automate administrative and operational tasks for wealth management firms.
The big picture: Nevis, a New York-based developer of artificial intelligence software for wealth management firms, has raised $70 million in Series B financing led by EQT Ventures, bringing its total funding to $110 million since its founding in 2024.
Why it matters:
- Capacity Gap: The funding addresses a growing capacity gap in wealth management, where advisors are retiring as demand for financial advice rises. Nevis’ platform helps firms serve more clients and scale efficiently.
- Efficiency Gains: Nevis’ AI agents automate administrative and operational tasks, enabling financial advisors to reclaim up to 10 hours per week and increase prospect meetings by 30%.
- Strategic Backing: The round included strategic investments from The Charles Schwab Corporation and QuantumLight, co-founded by Revolut CEO Nik Storonsky, validating the platform’s potential for industry-wide adoption.
How it works:
- AI Operating System: Nevis provides an AI-powered operating system designed to automate administrative and operational tasks for registered investment advisers (RIAs) and wealth management firms.
- Integrated Platform: The platform integrates customer relationship management, meeting intelligence, financial planning, and custodial workflows, allowing AI agents to complete tasks that typically require manual intervention.
- Task Automation: Nevis’ AI agents have completed over 100,000 operational tasks, including generating personalized financial plans, prospect proposals, and automating account-opening processes, reducing timelines from weeks to days.
The catch: While Nevis addresses a clear need for efficiency in wealth management, the market for AI-driven financial tools is becoming increasingly crowded. The company will need to continuously innovate and demonstrate superior integration capabilities with diverse custodial and technology providers to maintain its rapid growth and competitive edge against both established fintech players and emerging AI startups.
Key Facts
- Company: Nevis
- Amount: $70M
- Round: Series B
- Investors: EQT Ventures (lead), The Charles Schwab Corporation, QuantumLight, Sequoia Capital, ICONIQ, Ribbit Capital
- Founders: Mark Swan, Philipp Burda, Ivan Chalov
- Sector: Wealth Management AI
- Headquarters: New York, US
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