Nevis raises $70 million in EQT-led Series B

Nevis has raised $70 million in a Series B led by EQT Ventures, as the startup expands software intended to handle administrative work inside wealth management firms. The round was announced on 26 October, not today. Charles Schwab and QuantumLight joined as new investors, while Sequoia Capital, ICONIQ and Ribbit Capital increased their commitments, according to EQT's announcement.

The financing brings total funding to $110 million, Nevis says in its company announcement. Chief executive Mark Swan says the capital will support development of its AI agents and expansion across wealth management technology. The announcement does not disclose a valuation or a timetable for completing that expansion.

Nevis says Carolina Brochado, partner and head of EQT Ventures, is joining its board, with Kaushik Subramanian becoming a board observer. These governance appointments accompany the funding. They are separate from the company's operational ambitions and do not establish that its proposed software expansion has already been delivered.

Schwab partnership adds a practical integration focus

The round has a current operational connection beyond the financing itself. In an announcement on 28 October, Schwab confirmed a strategic partnership and investment in Nevis. The companies plan to work on priority advisor workflows and deeper integrations with Schwab's systems. Schwab did not disclose the size of its individual investment in that release.

Client onboarding is an early focus. Schwab describes a process that runs across different systems, from collecting documents to opening accounts and completing transfers. Its account of the partnership also identifies meeting preparation and client servicing as work the Nevis platform is designed to coordinate. These are enterprise operating functions, not a new investment product for individual readers.

The partners describe reducing manual work as the intended benefit. Their announcement does not mean every integration has been completed or every advisory firm is already using it. The distinction matters because an investment, a development partnership and a finished deployment are different stages of a company's expansion.

What the investor and customer accounts show

EQT's investment note describes the opportunity as business software for existing wealth managers, rather than a service replacing them with automated advice. The investor argues that disconnected tools and administrative tasks absorb time that advisors could otherwise spend with clients. That is the rationale of an investor with a financial interest in Nevis, not an independent finding about the software's effectiveness.

The same note identifies the founders' earlier roles at Revolut: Swan in global strategy and operations, Philipp Burda in AI strategy and Ivan Chalov as general manager of the retail business. EQT says it had followed the team for about two years before leading this round.

A separate October customer account published by Nevis explains how Focus Financial Partners approached adoption. It says Focus considered assembling individual tools, building internally or selecting an outside platform before choosing Nevis. The account presents that decision as a way to configure software around an existing organisation rather than impose a single operating model.

According to that account, advisors use a shared desktop for information and tools, while operations teams use workflows for back-office processes such as account opening. Focus works with a dedicated deployment team that includes engineers and implementation specialists. Those staff work with Focus's experience and operations leaders on configuration. This describes the supplier's implementation model, not independently verified gains in customer returns or employee productivity.

Nevis describes its platform as combining customer relationship management, meeting intelligence, financial planning and custodial workflows. Swan says the company intends AI to support human-led financial advice, rather than replace the relationship between an advisor and a client. That explains the intended role of the business software receiving this funding; it does not establish suitability for a particular firm or provide an investment recommendation.

The proposed integrations also involve client records. On its current security page, Nevis says it uses role-based permissions, logs activity and supports auditable AI actions with human oversight. It says data is stored and processed in the United States on AWS infrastructure and is not used to train external AI models. These are the supplier's stated controls, not an independent security assessment by Dalimss News. They describe the existing platform, not additional safeguards announced with the funding.