Americans want more financial advisors, but every day there are fewer to go around. One New York–based startup wants to help ease the squeeze by using AI to take paperwork and other routine tasks off advisors’ plates, giving them more time for clients. Nevis, a 70-person company launched in October 2024 by former executives at Revolut, the $115 billion fintech, announced Monday it had raised $70 million in a Series B round to continue building out its AI software for financial advisors. The latest round puts the company’s valuation at $500 million, according to a person familiar with the matter who requested anonymity to discuss private financial details.
“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 CEO Mark Swan, who founded the company along with Philipp Burda and Ivan Chalov.
Startups like Nevis are banking on AI to help advisors serve more clients just as many in the profession are nearing retirement. McKinsey estimated in 2025 that 110,000 advisors—more than a third of the workforce—would retire over the following decade. With demand for advice also growing, the firm projects a shortfall of roughly 100,000 advisors by 2034 unless the industry finds ways to serve more clients. Part of that demand stems from a massive shift in wealth between generations. Baby boomers and older generations are expected to pass nearly $100 trillion to heirs and charities through 2048, according to a 2024 projection from research firm Cerulli Associates.
Nevis has experienced considerable growth over the past year. Assets managed by advisory firms using its platform grew from $50 billion to $700 billion, with roughly $75 billion added each month, according to the startup. Its roughly 20 customers include Focus Financial Partners, IEQ Capital, and United Capital. The company has also opened a second office in London.
EQT Ventures led the round, bringing Nevis’s total funding to $110 million. New investors QuantumLight and Charles Schwab Corp. joined existing backers Sequoia Capital, Iconiq, and Ribbit Capital. Carolina Brochado, a partner and head of EQT Ventures, will join Nevis’s board as part of the latest round.
For Brochado, Nevis’s appeal lies in how it fits into an advisor’s daily routine.
“An average advisor is dealing with about seven outdated systems to do different things within the workflow,” she said. “What Nevis has built … is a platform that does all these things.”
Deskmates to cofounders
Before Nevis was a company, it was an idea shared among three deskmates at Revolut’s London offices. Working side by side, Swan led global strategy and operations; Chalov ran the consumer retail business; and Burda headed AI.
The light bulb went off when Swan led a project using early OpenAI models to automate back-office work at Revolut. He saw an opening to build similar tools for traditional financial firms that might struggle to develop the technology themselves. Wealth management stood out: Advisors could spend up to 80% of their day on administrative work, juggling eight to 10 separate software systems, he said. Recognizing the idea’s potential, the trio left Revolut together to focus fully on building out Nevis.
Swan named the company after Ben Nevis, Scotland’s (and the U.K.’s) highest mountain, as a nod to his Scottish heritage. The name also reflects the steady role advisors play in guiding families through major financial decisions, he noted.