Analysis
Nevis, a two-year-old startup building an AI operating system for wealth management advisors, raised a $70 million Series B led by EQT Ventures, the company announced on October 26, 2026. The round brings total funding to $110 million in two years since founding, and pulls in Charles Schwab and QuantumLight -- the investment fund of Revolut founder Nik Storonsky -- as new strategic backers. Sequoia Capital, ICONIQ, and Ribbit Capital, all existing investors, expanded their commitments.
From $50 billion to $700 billion in a year
Nevis was founded in late 2024 by Mark Swan (CEO), Philipp Burda (chief product officer), and Ivan Chalov (chief operating officer), all former Revolut executives. Its AI agents handle the operational work behind wealth management -- account opening, portfolio rebalancing, compliance documentation -- for registered investment advisors and wirehouses. Platform assets grew 14x over the course of 2026 and revenue grew more than 25x over the same period (see the numbers below for the underlying figures). Named customers include Focus Financial Partners, IEQ Capital, and United Capital.
“Platform assets grew 14x over the course of 2026 and revenue grew more than 25x over the same period (see the numbers below for the underlying figures).”
Competitive landscape
Nevis competes for advisor attention with Addepar, the portfolio-reporting platform widely used across the RIA industry, and with newer AI-native entrants like Farther, an AI-first RIA, and Jump, which focuses narrowly on AI meeting notes for advisors. Nevis's pitch is broader: agents that complete the task, not just summarize it -- the company says its agents have completed more than 100,000 operational tasks, with advisors reclaiming up to 10 hours per week and prospect meetings rising 30%.
Why Schwab matters more than the dollar figure
The $70 million check is modest next to Schwab's own scale: the brokerage serves more than 48 million client accounts and $13 trillion in total client assets, and more than 17,000 independent RIAs rely on its custody platform. A strategic stake gives Schwab an early look at how AI agents perform inside the advisor workflows it already hosts -- and gives Nevis a far easier sales conversation with every RIA that already custodies through Schwab.
The limitation behind the headline number
A 14x jump in platform assets is a headline, not a profit-and-loss statement -- a real limitation: Nevis hasn't disclosed margins, churn, or how many of its advisor customers are still on free pilots versus paying contracts, and "assets on the platform" measures assets Nevis's software touches, not assets Nevis manages directly, a caveat that matters when sizing the business against a pure asset manager.
What to watch next
Whether EQT's Carolina Brochado, who joins Nevis's board as part of the round, pushes for European expansion given EQT's Stockholm roots, and whether Schwab's involvement turns into a formal distribution partnership rather than a passive stake.
