Nevis raises $70M Series B backed by Sequoia and Charles Schwab to build AI platform for wealth management RIAs

Nevis raises $70M Series B to automate wealth management for RIAs

Nevis, a two-year-old AI platform for registered investment advisors, has closed a $70M Series B backed by Sequoia Capital and a strategic investment from Charles Schwab. The company's co-founders, including CEO Mark Swan, previously worked together at Revolut.

The pitch is that AI should make financial advisors more efficient, not replace them. Swan points to a widening structural gap: the number of millionaires in the US is growing roughly eight times faster than the population, while the number of practicing financial advisors is actually declining. Nevis positions itself as the tool that lets advisors absorb that demand.

“Our customers are some of the fastest growing, largest firms in the industry. There are about 700,000,000,000 of assets under management across all of them. And then we add about 50,000,000,000 of assets across those customers every single month... We started the company two years ago. Got backed by Sequoia Capital in our seed round, then this year, we raised 70,000,000.”

Platform, not point solution

Rather than bolting AI onto existing advisor tooling, Nevis is building vertically. The platform includes its own meeting notetaker, financial planning tools, and meeting prep materials. When a client mentions on a call that they need to withdraw $50,000, Nevis picks up on it, generates the order form, and completes the execution in one click. Swan describes it as a fully connected system where the advisor leaves the call and the follow-ups are already drafted.

The platform also runs agents in the background surfacing proactive opportunities. If a client changes jobs, Nevis flags it, drafts the updated financial plan, and prepares the client outreach — without the advisor having to initiate it.

The Schwab partnership

The Schwab strategic investment formalizes a two-year working relationship and unlocks what Swan calls "authorized agents" on top of Schwab's custody platform. Operational tasks like moving money and opening custody accounts consume the bulk of manual advisor time. The partnership gives Nevis privileged access to automate those workflows directly inside Schwab's infrastructure — an access point that competing AI tools reportedly don't have.

Scale

Nevis's customers collectively manage $700B in assets under custody. Swan says the company added $50B in assets across its customer base in a single month, and grew from $50B to $700B over the course of this year alone.