Nevis Announces $40M From Sequoia Capital, ICONIQ and Ribbit as It Emerges From Stealth to Build AI for Wealth Management

Nevis, an AI platform for wealth management, today announced that it has raised $35 million in a Series A round from Sequoia Capital, ICONIQ and Ribbit Capital, bringing its total funding to $40 million less than a year after founding.

Nevis builds AI tools that help financial advisors automate their administrative workflows end-to-end. The company already serves some of the fastest-growing wealth management firms in the US, supporting Registered Investment Advisors (RIAs) that collectively manage more than $50 billion in client assets, and is onboarding new customers at a rapid pace.

Every year, more than 50 million Americans trust financial advisors with their life savings and rely on their expert guidance through their most important life decisions, such as planning for retirement, funding their children’s education, or building a business. Moreover, the demand for expert financial advice has never been higher as personal wealth is accelerating. The number of US households with more than $500,000 in investable assets is growing 8x faster than the population¹.

However, the wealth management space has long grappled with a stubborn bottleneck: advisor capacity. Advisors spend as much as 80% of their time on administrative tasks instead of serving clients. This slows advisors down, holds back firms from growing, and ultimately limits access to high-quality advice for millions of families. Nevis was founded to fix that.

“Nevis is the world’s first AI platform for wealth management,” said Mark Swan, CEO of Nevis. “We’re building a future where every financial advisor is supported by an AI platform that can actually complete operational tasks end-to-end. From helping advisors prepare for client meetings to opening custodian accounts, Nevis streamlines the workflows that consume the majority of an advisor’s time. With this level of automation, advisors can focus on what matters most: delivering best-in-class client service and growing their business.”

Nevis’s customers include wealth management firms of all sizes, from national RIAs serving high-net-worth clients like United Capital and Apollon Wealth Management, to firms focused on ultra-high-net-worth families like GC Wealth. The platform gives advisors the tools to eliminate administrative work and scale highly personalized advice.

“Nevis will completely transform our technology stack, updating it for the future with critical AI-enabled features that will have a meaningful impact on how we do our jobs every day and service clients,” said Jim Rivers, President of United Capital, a $24 billion AUM wealth management firm serving over 14,000 clients across the US. “Nevis’s approach integrates each of our systems to allow for ease of use and efficiency in all areas of our firm. This will give everyone more time to spend with clients.”

“We’ve explored every so-called ‘AI wealth tech,’ but Nevis stood out for being the real thing, a purpose-built, modern platform reimagining the advisor experience from the ground up. It doesn’t bolt AI onto legacy systems; it uses it to transform how our firm operates,” said Dave Breslin, Executive Vice President of GC Wealth and former SVP at First Republic. “What impressed us most about Nevis was its completeness. Most solutions either try to automate one small part of the process or modernize old software. Nevis felt different — a cohesive, intelligent platform built for the next decade of wealth management.”

Nevis was founded by Mark Swan (Chief Executive Officer), Philipp Burda (Chief Product Officer), and Ivan Chalov (Chief Operating Officer). All were formerly executives at Revolut, a digital bank serving over 65 million clients globally and Europe’s highest valued private technology company.

“We believe wealth managers face a defining opportunity. When AI takes on the operational load, advisors are freed to focus on clients and business growth,” said Luciana Lixandru, Partner at Sequoia Capital. “To build a generational company in this space takes deep fintech DNA, something Mark, Philipp, and Ivan possess in spades from their time at Revolut. They know what it takes to build with speed and precision and we’re excited to partner with them on their journey to transform wealth management.”

“In our view, Nevis is unlocking the true potential wealth management firms can achieve once freed from outdated and fragmented systems,” said Seth Pierrepont, General Partner at ICONIQ. “By unifying data and automating the operational backbone, Nevis’ AI-native platform can enable wealth advisors to scale faster than ever before while serving their clients more effectively and operating with far greater efficiency. Building a category-defining company in this space demands significant experience in the fintech space, and Mark, Philipp, and Ivan bring just that from their years working together at Revolut. We believe their product vision and execution discipline set them apart, and we couldn’t be more excited to partner with them as they work to redefine the future of wealth management.”

The $35 million Series A comes less than a year after its $5 million seed round which was led by Sequoia. As part of the round, Sequoia’s Luciana Lixandru will be joining the Nevis board. Ribbit Capital, best known as an early backer of category-defining financial technology companies including Robinhood, Nubank, Coinbase, and Revolut, invested in the Series A, alongside ICONIQ, a leading global VC and wealth management firm for ultra high net worth individuals.

To schedule a call with Nevis, please visit neviswealth.com or contact [email protected]

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