Former Revolut executives raise $70 million for AI tools serving financial advisors

A New York startup founded by former Revolut executives has raised $70 million to build artificial intelligence software that takes routine paperwork off the hands of financial advisors, at a time when the profession is shrinking. Nevis, a 70-person company launched in October 2024, announced the Series B round on Monday. According to a person familiar with the matter, the round values the company at $500 million.

The company was started by Mark Swan, Philipp Burda and Ivan Chalov, all former Revolut staffers. Swan, who serves as chief executive, said the goal is to give advisors AI agents that handle manual work so they can save time, grow their client books and offer more service. 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, a partner and head of EQT Ventures, will join Nevis's board.

The funding comes against a backdrop of a looming labor gap. 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 rising, the firm projects a shortfall of roughly 100,000 advisors by 2034 unless the industry finds ways to serve more clients. Demand is being driven in part by a large transfer of wealth between generations. 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 says its platform has grown quickly. Assets managed by advisory firms using its software rose from $50 billion to $700 billion, with roughly $75 billion added each month, according to the company. Its roughly 20 customers include Focus Financial Partners, IEQ Capital and United Capital. Nevis has also opened a second office in London.

Brochado said the appeal lies in how the product fits into an advisor's day. « An average advisor is dealing with about seven outdated systems to do different things within the workflow, » she said.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. »

The company traces its origins to three colleagues who sat together at Revolut's London offices. Swan led global strategy and operations, Chalov ran the consumer retail business and Burda headed AI. Swan said the idea took shape when he led a project using early OpenAI models to automate back-office work at Revolut, and saw a chance to build similar tools for traditional financial firms. Wealth management stood out because advisors can spend up to 80% of their day on administrative work, juggling eight to 10 separate software systems, he said. The three left Revolut together to focus on Nevis. Swan named the company after Ben Nevis, Scotland's highest mountain, as a nod to his Scottish heritage, and said the name also reflects the steady role advisors play in guiding families through major financial decisions.

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Connor Quincy

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