Nevis Raises 70 Million Dollars to Build an AI Operating System for Wealth Managers

Nevis Wealth Management AI Raises 70 Million Dollars

Nevis, a New York company building an AI operating system for wealth management, announced a $70 million Series B on October 26, 2026. EQT Ventures led the round, with Charles Schwab and QuantumLight, the fund of Revolut founder Nik Storonsky, also taking part. Existing backers Sequoia Capital, ICONIQ, and Ribbit Capital joined as well. The round takes Nevis to $110 million in total funding after two years, and Fortune reported a $500 million valuation, citing a person familiar with the matter, up from about $200 million in its earlier round last December. The company itself has not confirmed a valuation.

Nevis was founded by Mark Swan, Philipp Burda, and Ivan Chalov, who met as Revolut executives. Swan is CEO, Burda is chief product officer, and Chalov is chief operating officer. The team of 70 people counts Focus Financial Partners, IEQ Capital, and United Capital among its named customers. That customer list matters: wealth management is a relationship business, and winning named firms is harder than winning a waitlist.

What the Platform Actually Does

Nevis brings CRM, meeting intelligence, financial planning, and custodial workflows into one platform. Its AI agents complete operational work end to end. Reported examples include preparing plans and opening client accounts, the kind of paperwork that eats advisor hours and delays onboarding. The pitch is not a chatbot that answers questions about markets. It is a system that does the follow-through: draft the plan, prep the documents, move the account forward.

That distinction is why wealth firms are paying attention. Advisors spend a large share of their week on administration, compliance checks, and coordination between systems that do not talk to each other. If an AI agent can reliably handle that layer, advisors get more time with clients, and firms can onboard clients faster without hiring in proportion. The risk, of course, is accuracy and auditability. Financial documents need to be right, and a confident-sounding error in a client plan is worse than a slow process.

Why This Round Stands Out

Wealth management is a crowded AI market, but Nevis has a few things going for it. First, the investor mix: EQT leading, plus Schwab as a participant, signals that both venture and industry players see the same opportunity. Second, the valuation jump, if Fortune's figure is right, suggests real revenue traction rather than just a good story. Third, the founders' Revolut background gives them credibility in building regulated financial products at scale, even if wealth management is a different beast from consumer fintech.

Compare it with other recent large rounds: Ramp raised $1.85 billion at a $60 billion valuation on the strength of revenue matching its hype, and Legora raised $550 million at $8.8 billion as legal AI became a funding arms race. Nevis is smaller, but it is playing in a market where incumbents move slowly and switching costs are high. Winning a handful of large firms can be worth more than winning thousands of free users.

What to Watch Next

The next test for Nevis is not fundraising, it is deployment depth. Are firms using it for full client onboarding, or just for meeting notes and summaries? Does it hold up under compliance review, with clear audit trails for every agent action? And can it expand beyond its current customers without diluting the product for each firm's specific workflows? The $70 million gives Nevis room to hire and build. The harder job is proving that AI agents can be trusted with client money paperwork, day after day, without a human catching their mistakes. If it can, wealth management's back office will look very different in two years.