NYC-based Nevis, which uses AI to automate paperwork for financial advisors, raised a $70M Series B led by EQT Ventures, a source says at a $500M valuation

Automation tools for financial advisors now handle $700 billion in assets, directly reducing the administrative burden on advisors.

Nevis, a New York-based startup founded by former Revolut executives, has secured $70 million in Series B funding led by EQT Ventures, valuing the company at $500 million. The company, which launched in October 2024, utilizes AI to automate administrative tasks for financial advisors, aiming to address a projected shortage of advisors in the coming decade. Nevis's platform has seen significant growth, with assets managed by its client firms increasing from $50 billion to $700 billion in the past year. The funding round also saw participation from new investors QuantumLight and Charles Schwab Corp., alongside existing backers like Sequoia Capital and Ribbit Capital. Carolina Brochado of EQT Ventures will join Nevis's board of directors. Nevis currently serves around 20 customers, including Focus Financial Partners and IEQ Capital, and has expanded its operations with a second office in London.

The substantial Series B funding and $500 million valuation for Nevis highlight a growing investor confidence in AI's capacity to solve critical talent shortages within the financial services sector. As an aging advisor demographic and increasing client demand create a projected shortfall, startups like Nevis are positioned to become essential infrastructure. This trend suggests a market ripe for further consolidation and innovation in AI-driven operational efficiency, potentially reshaping how financial advice is delivered and accessed.

Nevis's success in automating complex back-office functions for major financial firms, managing hundreds of billions in assets, demonstrates a clear path to scaling AI solutions beyond early adoption stages. The involvement of significant players like Charles Schwab Corp. signals an increasing integration of advanced AI capabilities into the mainstream financial advisory toolkit. Investors and advisors should monitor how Nevis and similar companies will further optimize advisor workflows and client engagement, anticipating a shift towards more tech-enabled advisory models.