Nevis raises $70 million and reports customer assets above $700 billion

Nevis, founded by Mark Swan and two co-founders who previously worked at Revolut, is building an AI platform for wealth management. Swan said the company raised $70 million and that Sequoia Capital backed it in its seed round. Nevis primarily serves registered independent advisory firms (RIAs), rather than banks.

Swan put Nevis customers’ assets under management at more than $700 billion and said those customers add about $50 billion in assets each month. He said the figure had grown from about $50 billion to more than $700 billion during the year alone. The transcript does not clarify what the monthly asset additions refer to, so these figures are presented as his estimates.

The platform gives financial advisors AI agents to automate complex workflows, from developing investment and tax strategies to moving money and opening custody accounts. Swan described the company’s approach as building a platform rather than a point solution. Nevis has in-house tools for financial planning and meeting preparation, a note-taker, and a document parser; it also works with Excel and other systems. According to Swan, after a meeting the system can prepare follow-up work in advance—for example, prepare a client’s request to withdraw $50,000 and let the advisor complete the transaction with one click.

Swan also said agents can run in the background and suggest next steps to advisors. For instance, if a client changes jobs, the system can prepare a draft email and an updated financial plan for the advisor to review and send. He said Nevis aims to help advisors, not replace them, arguing that wealth management is built on trust and service. To explain demand for advice, he said the number of millionaires in the United States is growing about eight times faster than the population, while the number of financial advisors is declining.