Research · November 3, 2026

Nevis's $70M Series B — AI Agents as the Operating System for Wealth Management

Nevis raised a $70 million Series B led by EQT Ventures to build an AI operating system for wealth management.

What happened

On October 26, 2026, Nevis, a New York-based provider of an AI operating system for wealth management, announced a $70 million Series B led by EQT Ventures, bringing its total funding to $110 million within two years of founding. New strategic investors include The Charles Schwab Corporation and QuantumLight, the fund of Revolut founder and CEO Nik Storonsky. All existing investors — Sequoia Capital, ICONIQ, and Ribbit Capital — expanded their commitments in the round. EQT Ventures partner Carolina Brochado joins Nevis's board, with partner Kaushik Subramanian joining as board observer. The company will use the funding to expand its agents' capabilities, deepen integrations across the custodian and wealth-tech ecosystem, and grow its product and go-to-market teams.

Nevis was founded in late 2024 by three former Revolut executives: Mark Swan (CEO), Philipp Burda (chief product officer), and Ivan Chalov (chief operating officer). The figures below are company-reported unless stated otherwise.

The capacity gap is the product

The most instructive part of the announcement is not the round size but who led the strategic side of it. Schwab serves more than 48 million client accounts, holds $13 trillion in total client assets, and supports more than 17,000 independent registered investment advisers (RIAs). When a firm of that scale invests in — rather than merely distributes — an agent platform for advisers, it is a signal about where the industry's bottleneck sits. Nevis's pitch is that the bottleneck is not demand for advice but adviser capacity: advisors retire while demand rises, and the hours lost to paperwork, meeting preparation, and account opening are hours not spent with clients.

Nevis's answer is to collapse four systems advisers already use — CRM, meeting intelligence, financial planning, and custodial workflows — into one platform where AI agents complete operational work end to end. The announcement's deployment claims make that concrete: advisers reclaim up to 10 hours a week, increase prospect meetings by 30%, generate personalized financial plans and prospect proposals in minutes, and cut account opening from weeks to days, with agents orchestrating paperwork, signatures, and custodial workflows. Its agents have completed more than 100,000 operational tasks across customer deployments.

Jon Beatty, head of Schwab Advisor Services, frames the investment as an ecosystem move: "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." Swan's version is blunter about the standard being set: "Nevis agents finish the work, so every advisor can give every client the white-glove attention of a full-service team."

The numbers, with their limits stated

In 2026, Nevis says revenue grew more than 25x, while assets on its platform grew from $50 billion to $700 billion, at a current run rate of $75 billion in new assets added each month. Named customers include Focus Financial Partners, IEQ Capital, and United Capital — described as among the largest and fastest-growing firms in the U.S.

Three cautions belong next to those numbers. First, a 25x revenue multiple without an absolute revenue figure cannot be read as a financial curve; the announcement discloses no revenue total, pricing, or customer count beyond the named firms (independent coverage puts the customer count at roughly 20, which is not a company-announcement figure and is used here only as context). Second, assets on the platform are not Nevis's assets under management and not its revenue; they measure the client money flowing through firms that use the platform, so $700 billion describes reach, not Nevis's own scale. Third, the deployment metrics — 10 hours saved, 30% more meetings, weeks-to-days account opening — are company-reported outcomes across deployments, with no control group, sample size, or retention data disclosed, so they describe what the best deployments achieved rather than a guaranteed average.

Still, the shape is informative. A platform that charges for completed operational work inside firms whose economics are measured in client relationships — not transactions — is selling capacity, not software seats. If an adviser can take 30% more prospect meetings without adding headcount, the compounding effect lands on the firm's growth rate, not just its cost line. And Schwab's participation matters precisely because Schwab sits on both sides of the adviser relationship: it is the custodian whose workflows Nevis agents must navigate, and an investor betting that agents become core infrastructure for advisory firms rather than a point tool.

Why wealth management, why now

Wealth management is an unusually good fit for the agent-operating-system thesis, and an unusually hard place to prove it. The fit: advisory work is document-heavy, compliance-bound, and repetitive across clients — exactly the work agents can absorb — while the client relationship itself stays human, which defuses the replacement objection. The difficulty: every workflow touches regulated money movement, custodial systems, and client data, so a failed agent task is not a bad draft but a compliance event. That is why the custodian-integration part of the funding plan matters more than the agent-capability part: Nevis's moat, if it builds one, will be the depth of its integrations with custodians and wealth-tech systems, not the generality of its agents.

The competitive question is whether Schwab's investment accelerates that moat or caps it. A strategic investor that is also the industry's largest custodian can open doors to integrations no independent vendor could negotiate — and can also shape the platform toward its own ecosystem. Nevis's other investors, led by EQT Ventures with its European financial-services network, give it a counterweight and a path beyond a single custodian's orbit. Whether the company stays a neutral operating system or becomes, in practice, a Schwab-adjacent platform is the question this round's structure leaves open — and the one to watch in its next customer announcements.

What this does not show

The announcement discloses no valuation, no absolute revenue figure, no customer count, and no pricing. The 25x revenue growth has no absolute base, so its scale cannot be judged. The $700 billion platform-asset figure is a reach metric, not Nevis's revenue or assets under management. The deployment outcomes (10 hours, 30%, weeks-to-days) have no sample or retention disclosure. And the Schwab relationship's commercial terms — what Schwab pays, distributes, or integrates beyond the investment — are undisclosed, so the strategic value is inferred from the investment itself, not demonstrated by a contract.

What would turn this round from a thesis into evidence is the institutional version of the numbers: how many firms are paying at what scale, what share of agent-completed tasks require human correction, what retention looks like after the first renewal cycle, and whether the next named customers include firms outside the Schwab ecosystem.

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