Here's a startup problem you might not have thought about: America is running out of financial advisors. New York startup Nevis wants to fix that with AI, and investors just put in another $70 million.
Nevis announced a Series B on Monday led by EQT Ventures, bringing its total funding to $110 million in about two years. Fortune, citing a person familiar with the deal, puts the valuation at around $500 million. Charles Schwab and QuantumLight, the fund started by Revolut founder Nik Storonsky, joined as new investors. Sequoia, ICONIQ, and Ribbit Capital invested more money.
The founders, Mark Swan, Philipp Burda and Ivan Chalov, are former Revolut executives who launched the company in October 2024. Their pitch is a single platform that brings together client records, meeting notes, financial planning, and account paperwork, with AI agents that complete routine tasks end to end. The company says those agents have completed more than 100,000 tasks. It also says advisors get back up to 10 hours a week and take 30% more meetings with prospects.
The growth numbers are what's turning heads. Assets on the platform went from $50 billion to more than $700 billion over the past year, and Nevis says it's adding about $75 billion a month. It also says revenue is up more than 25x. Customers include Focus Financial Partners, IEQ Capital and United Capital.
The bigger backdrop matters too. McKinsey projects a shortfall of about 100,000 advisors by 2034 as a large chunk of the profession retires. Nevis's founder is clear that AI should help advisors, not replace them.