- Nevis has raised $70m in Series B, led by EQT Ventures, with Schwab also joining.
- QuantumLight, the fund set up by Nik Storonsky, founder of Revolut, also invested in the team of former Revolut execs.
- Nevis says their platform assets went from $50bn to $700bn in 2026.
When Mark Swan joined Revolut in the summer of 2021, he found himself in an office with no manager. Ivan Chalov came along and became his manager. Today, Swan, Chalov and Philipp Burda have raised $70m for Nevis, the AI firm that works for wealth managers.
EQT Ventures led the round, bringing total funding to $110 million. Charles Schwab and QuantumLight, Nik Storonsky’s fund, joined as new strategic investors. Sequoia, ICONIQ and Ribbit all increased their commitments.
Nevis has not disclosed its valuation. A source quoted by Fortune said the round values Nevis at $500 million. Earlier, Bloomberg reported a $200 million valuation at the $35 million Series A in December 2025. That’s some 2.5x higher in under a year.
From Revolut deskmates to startup founders
From Aberdeen, Swan led global strategy and operations at Revolut. Chalov led the consumer retail business, and Burda led AI. Swan left in the spring of 2024. By summer, he had observed that financial advisers can spend up to 80% of their time on admin, using anywhere from 8 to 10 different software packages.
Sequoia had Swan on its radar as a potential founder per its Nevis profile. He was on the watch list of former Sequoia talent leads. Luciana Lixandru and George Robson, both former Revolut employees who left in 2020, met with him and led the $5m seed round in September 2024. Burda and Chalov both left Revolut to join elsewhere.
The original plan was to target the UK, but Sequoia’s partners pushed them toward the US market, which they felt was a bigger opportunity. Swan started going out to meet customers. He went to Newport Beach to meet Jim Rivers, President of United Capital, and he drove from Tampa to Miami to meet Brad Goodman, COO of Apollon Wealth Management. That meeting turned into a very long strategic session.
What sits behind the $700 billion
Nevis says assets under management by firms on its platform grew from $50 billion to $700 billion in 2026, adding about $75 billion each month. Revenue reportedly increased by over 25x during that period.
The company claims that its agents have completed over 100,000 operations. Advisers on the platform can save up to 10 hours a week, have 30% more prospect meetings and open accounts in days rather than weeks.
The platform combines CRM, meeting intelligence, financial planning, and custodial workflows to help advisers produce a bespoke financial plan and proposal in minutes. The customer list includes Focus Financial Partners, IEQ Capital and United Capital.
Others are also raising substantial sums. Jump, the AI meeting assistant for advisers, raised $80 million in Series B, led by Insight Partners, and aims to become a full AI operating system for advisers, a goal Nevis is also pursuing. Savvy Wealth, an AI advisory firm, raised $100 million in Series C at a $600 million valuation and is very close to $100 million in annual recurring revenue. Arca is another AI-native firm that has just emerged from stealth with $64 million.
Unlike rivals, Nevis is a software company that sells to firms that already have their own advisers. Jump has started testing account opening. The need for these solutions is obvious. In 2025, McKinsey estimated that 110,000 US advisers will be retiring in the next 10 years.
Why Schwab and EQT are backing it
With fresh funds, Nevis plans to enhance its AI agents, connect with more custodians and wealth management software, and grow its product and sales teams. The company has circa 70 employees and offices in both London and New York.
“We’ve built an AI ecosystem that gives advisors greater choice and access to capabilities that can help them run and grow their firms. Our investment in and partnership with Nevis expands that ecosystem, helping advisors harness AI to operate more efficiently, increase their capacity and ultimately serve more investors,” said Jon Beatty, head of Schwab Advisor Services.
“Mark, Philipp and Ivan have built an exceptional AI platform at a time when wealth management faces a growing capacity gap, with advisors retiring as demand for advice rises. Nevis is helping firms serve more clients and scale efficiently. We’re excited to bring EQT’s network across wealth management and financial services to support their growth and ambition to become the foundational AI platform for the industry,” added. Carolina Brochado, a partner and head of EQT Ventures.
If the wealth management world follows a similar trajectory, the key issue will be who owns the workflow as custodians, model vendors, and players like Jump vie for control. For Nevis, the $700 billion is the share of assets actually managed on its platform.
