Ex-Revolut Execs Raise $70 Million for AI That Helps Financial Advisors

Nevis, a New York startup founded by three former Revolut executives, has raised $70 million in a Series B round that values the company at $500 million, according to a person familiar with the matter who requested anonymity to discuss private financial details.

The 70-person company, launched in October 2024, builds AI software that takes paperwork and other routine tasks off financial advisors' plates. EQT Ventures led the round, bringing Nevis's total funding to $110 million. New investors QuantumLight and Charles Schwab Corp. joined existing backers Sequoia Capital, ICONIQ and Ribbit Capital. Carolina Brochado, partner and head of EQT Ventures, will join Nevis's board.

"There was an opportunity to give financial advisors access to AI agents that can actually do that manual work for them, so that they can save time, grow their book of business, and expand the level of service," said Nevis CEO Mark Swan, who founded the company with Philipp Burda and Ivan Chalov.

Why is Wall Street betting on advisor software?

The profession faces a demographic squeeze. McKinsey estimated in 2025 that 110,000 advisors — more than a third of the workforce — would retire over the following decade. With demand for advice also growing, the firm projects a shortfall of roughly 100,000 advisors by 2034 unless the industry finds ways to serve more clients.

Part of that demand stems from a massive generational shift in wealth. Baby boomers and older generations are expected to pass nearly $100 trillion to heirs and charities through 2048, according to a 2024 projection from research firm Cerulli Associates.

Nevis claims rapid traction against that backdrop. Assets managed by advisory firms using its platform grew from $50 billion to $700 billion over the past year, with roughly $75 billion added each month, according to the startup. Its roughly 20 customers include Focus Financial Partners, IEQ Capital, and United Capital. The company has also opened a second office in London.

For Brochado, Nevis's appeal lies in how it fits an advisor's daily workflow. "An average advisor is dealing with about seven outdated systems to do different things within the workflow," she said. "What Nevis has built… is a platform that does all these things."

How did three deskmates build Nevis?

Before Nevis was a company, it was an idea shared among three deskmates at Revolut's London offices. Swan led global strategy and operations at the $115 billion fintech, Chalov ran the consumer retail business, and Burda headed AI.

The lightbulb went off when Swan led a project using early OpenAI models to automate back-office work at Revolut. He saw an opening to build similar tools for traditional financial firms that might struggle to develop the technology themselves.

Wealth management stood out. Advisors could spend up to 80% of their day on administrative work while juggling eight to 10 separate software systems, Swan said. Recognizing the idea's potential, the trio left Revolut together to focus fully on building Nevis.

Swan named the company after Ben Nevis, Scotland's highest mountain, as a nod to his Scottish heritage. The name also reflects the steady role advisors play in guiding families through major financial decisions, he noted.

With $110 million in total backing and Schwab now on its cap table, Nevis is positioning itself as the workflow layer for an industry staring at a six-figure talent gap — one where every hour of automated paperwork extends an advisor's reach.