Americans want more financial advice. The supply of people qualified to give it keeps shrinking.
Nevis, a New York-based startup, thinks AI can close part of that gap. On Monday it announced a $70 million Series B to keep building software that handles the grunt work financial advisors would rather skip.
According to Fortune, which cited a person familiar with the matter who asked not to be named, the round values the company at $500 million. That is a steep climb for a company that started in 2024.
What Nevis actually does
Nevis builds AI agents that take over the administrative side of wealth management. The tasks include meeting preparation, note-taking, and client onboarding, the kind of work that eats an advisor’s afternoon without growing anyone’s portfolio.
The company says advisors can hand off up to 80% of their administrative load to the software. The point is to free up hours for actual client relationships, which is the part of the job clients pay for.
A key selling point is that the platform plugs into the customer relationship management systems firms already use. It also connects to custodians like Schwab and Fidelity, and it does all this without forcing a data migration.
From seed to Series B in short order
Nevis was founded in 2024 by Mark Swan, Philipp Burda, and Ivan Chalov, all former executives at Revolut.
The funding history moves quickly. Nevis raised a $5 million seed round led by Sequoia Capital in early 2025, then followed with a $35 million Series A in December 2025.
Those two rounds totaled $40 million in disclosed funding. Around the December 2025 launch, the company was valued at approximately $200 million and served firms overseeing more than $50 billion in assets.
The company now employs about 70 people. Roughly 50 of them work on software development.
The client roster is the real story
Nevis has reportedly grown to support platforms managing up to $700 billion in assets, a big jump from the $50 billion figure at launch. Much of that scale comes from a partnership with Focus Financial Partners, which oversees around $570 billion in client assets.
Under that arrangement, Nevis serves as an enterprise AI tool for automating account-related workflows. It builds on earlier adoption by firms including United Capital and IEQ Capital.
Why advisors need the help
Wealth management firms face a shortage of skilled advisors, and each remaining advisor is being asked to serve more clients with the same number of hours in the day.
Nevis frames its tools as a complement to human advisors rather than a replacement.
What this means for wealth management
If tools like Nevis deliver on the 80% claim, the economics of an advisory practice could shift. An advisor who reclaims a large chunk of administrative time can either take on more clients or go deeper with existing ones.
Financial advice is a regulated business, and AI-generated notes, summaries, and onboarding records will need to meet compliance standards.
The no-migration integration with existing CRMs and custodians could be a durable advantage, since switching costs are the biggest barrier for firms considering any new tool.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.