Former Revolut execs raise $70 million to tackle a looming financial advisor shortage

Nevis just landed $70 million to keep building software that uses AI to handle the tedious parts of financial advising. The New York startup says that means less paperwork, fewer logins, and more time with clients. It also puts a fresh price tag on a company that didn’t exist long ago: a $500 million valuation, according to a person familiar with the deal.

The company was launched in October 2024 by three former Revolut executives: Mark Swan, Philipp Burda, and Ivan Chalov. Swan, now CEO, said the point is simple enough. Give advisors AI agents that can do the manual work, and they can spend more time growing their business and serving clients. Nevis now says it has about 20 customers, including Focus Financial Partners, IEQ Capital, and United Capital.

The bet is that timing matters as much as software. McKinsey estimated in 2025 that 110,000 advisors, more than a third of the workforce, would retire over the next decade. At the same time, the firm projected a shortfall of roughly 100,000 advisors by 2034 if the industry can’t serve more clients. Demand is rising too, helped by an expected transfer of nearly $100 trillion from baby boomers and older generations to heirs and charities through 2048, according to Cerulli Associates.

Nevis says the growth has been sharp. Assets managed by firms using its platform increased from $50 billion to $700 billion over the past year, with about $75 billion added each month. The company has also opened a second office in London. EQT Ventures led the round, bringing total funding to $110 million, while QuantumLight and Charles Schwab Corp. joined existing backers Sequoia Capital, Iconiq, and Ribbit Capital. Carolina Brochado of EQT Ventures will join the board.

The origin story is pure office lore. Swan, Chalov, and Burda were deskmates at Revolut’s London office, where Swan says an early OpenAI project showed how much back-office work could be automated. He says advisors can spend up to 80% of their day on admin and juggle eight to 10 software systems to do it. That’s a nasty little business model for the people meant to be giving financial advice.