Nevis Series B Brings in Schwab as AI Wealth Platform Claims $700 Billion in Assets

Dateline: Nevis, funding round, 26 October 2026

Nevis, the New York AI platform for wealth management firms, announced a $70 million Series B led by EQT Ventures on 26 October 2026, taking its total funding to $110 million. Fintechbits’ State of Fintech Q3 2026 report counted $1.6 billion of wealthtech funding across the whole third quarter, so the Nevis Series B on its own equals about 4% of a full quarter of venture money for the sector. The Charles Schwab Corporation and QuantumLight, the fund run by Revolut founder Nik Storonsky, joined as new investors, according to the Nevis release on BusinessWire.

What the Nevis Series B Includes

EQT Ventures led the Nevis Series B, and every existing investor, including Sequoia Capital, ICONIQ and Ribbit Capital, put in more money. Carolina Brochado, Partner and Head of EQT Ventures, joins the Nevis board, and EQT partner Kaushik Subramanian becomes a board observer.

The two new investors are more interesting than the lead. Schwab, which the release says serves more than 48 million client accounts, holds $13 trillion in client assets and supports more than 17,000 independent RIAs, is both an investor and a distribution partner. Jon Beatty, head of Schwab Advisor Services, said the investment and partnership expand an AI ecosystem Schwab offers to advisers. QuantumLight brings a Revolut connection: the three Nevis founders, Mark Swan, Philipp Burda and Ivan Chalov, are former Revolut executives.

Nevis says it will spend the money on more agent capabilities, deeper integrations with custodians and other wealth software, and larger product and sales teams.

The Growth Numbers Behind the Round

Nevis gives three growth figures. Revenue grew more than 25 times during 2026, assets on the platform rose from $50 billion to $700 billion over the same period, and new assets are arriving at a run rate of $75 billion a month. Its AI agents have completed more than 100,000 operational tasks, and customers include Focus Financial Partners, IEQ Capital and United Capital.

The pace of fundraising has kept up with those claims. Nevis came out of stealth on 1 December 2025 with a $35 million Series A from Sequoia, ICONIQ and Ribbit, which took its total to $40 million. The Series B is twice the size of that round, raised less than 11 months later.

The claims for individual advisers are standard for AI tools in wealth: up to 10 hours a week back per adviser, 30% more prospect meetings, and account opening cut from weeks to days as agents handle paperwork, signatures and custodial steps.

Fintechbits analysis

Fintechbits analysis

Why Assets on the Platform Is the Number to Question

Most of the release’s case rests on the $700 billion figure, and that figure measures something softer than it sounds. Nevis does not hold or manage those assets. “Assets on the platform” counts the client money held at firms whose advisers use Nevis software, which means one large enterprise contract can move the total by hundreds of billions overnight.

Fintechbits raised this point when Focus Financial Partners selected Nevis on 15 October 2026. Focus alone reported more than $500 billion in client assets, about 70% of the $700 billion Nevis cites, and neither release says whether Focus is already inside that number. If it is, much of the growth from $50 billion to $700 billion comes from a single customer, and the 25-times revenue growth looks less like broad adoption and more like one big win.

None of that makes the round a bad bet. EQT’s Carolina Brochado points to a capacity gap, with advisers retiring as demand for advice rises, and Schwab putting in money suggests the custodian for more than 17,000 independent RIAs expects AI agents to become normal adviser software. Wealthtech was also the only vertical where funding rose in every quarter of 2026, according to the Fintechbits State of Fintech Q3 2026 report, so EQT is buying into the healthiest part of the market. The number the release leaves out is the price. When a company raises $70 million and says nothing about valuation, it is usually either protecting a number it would rather not defend or holding it back for a later round.

There is a second model competing for the same advisers. M1 offers an AI adviser that carries a fiduciary duty directly to clients, while Nevis sells to firms and leaves the advice to people. Sooner or later advisory firms will have to decide how much of the client relationship they are willing to hand to software, and that choice will favour one model over the other.

Frequently asked questions

How much did the Nevis Series B raise?

The Nevis Series B raised $70 million, led by EQT Ventures, with Schwab and QuantumLight joining as new investors. The round takes Nevis’s total funding to $110 million, according to the company’s 26 October 2026 release.

What does Nevis sell to wealth firms?

Nevis sells AI agents that combine CRM, meeting notes, financial planning and custodial paperwork in one system for advisory firms. The company says its agents have completed more than 100,000 operational tasks.

How big is the round compared with the wealthtech market?

Fintechbits’ State of Fintech Q3 2026 report counted $1.6 billion of wealthtech funding in the third quarter, so Nevis’s $70 million equals about 4% of a full quarter for the sector. The release does not give a valuation, which makes it harder to judge how richly EQT priced the deal.

What to Watch Next

The figure to watch is the next assets-on-platform update and whether Nevis splits it by customer. If Nevis can show the $75 billion monthly run rate coming from many mid-sized RIAs rather than a few enterprise groups like Focus, the Series B looks cheap in hindsight. The Schwab tie-up also needs a concrete form: an integration inside Schwab’s adviser platform, with a launch date, would turn a strategic investor into a sales channel.

Why this matters

Fintechbits’ State of Fintech Q3 2026 report counted $1.6 billion of wealthtech funding in the third quarter, so Nevis’s $70 million Series B equals about 4% of a full quarter for the sector. Nevis claims revenue up more than 25 times during 2026 and $700 billion of assets on its platform, with Schwab now an investor. The open question is concentration: if Focus Financial’s more than $500 billion sits inside that total, the growth rests on very few customers.

Primary sources

businesswire.com | PRESS RELEASE | https://www.businesswire.com/news/home/20261026161240/en/Nevis-Raises-%2470-Million-Series-B-to-Grow-its-AI-Operating-System-for-Wealth-Management

businesswire.com | PRESS RELEASE | https://www.businesswire.com/news/home/20251201734348/en/Nevis-Announces-%2440M-From-Sequoia-Capital-ICONIQ-and-Ribbit-as-It-Emerges-From-Stealth-to-Build-AI-for-Wealth-Management

Fintechbits State of Fintech Q3 2026 | FINTECHBITS DATA | https://www.fintechbits.net/state-of-fintech-q3-2026