Former Revolut execs raise $70 million to tackle a looming financial advisor shortage
Source: Fortune ·
Backed by EQT Ventures and Charles Schwab, Nevis automates paperwork for advisory firms that handle hundreds of billions of dollars in assets.
From the source
Americans want more financial advisors, but every day there are fewer to go around. One New York-based startup wants to help ease the squeeze by using AI to take paperwork and other routine tasks off advisors’ plates, giving them more time for clients. Nevis, a 70-person company launched in October 2024 by former executives at Revolut, the $115 billion fintech, announced Monday it had raised $70 million in a Series B round to continue building out its AI software for financial advisors. The latest round puts the company’s valuation at $500 million, according to a person familiar with the matter who requested anonymity to discuss private financial details. “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 along with Philipp Burda and Ivan Chalov. Startups like Nevis are…