Nevis secures $70 million in funding, with Charles Schwab taking an equity stake, as AI will handle back-office work for financial advisors.

Beating AI News Flash: U.S. wealth management AI firm Nevis has closed a $70 million Series B funding round led by EQT Ventures, with participation from Charles Schwab, Sequoia Capital, and ICONIQ, among others. Founded just two years ago, the company has raised a total of $110 million in capital to date. Fortune, citing sources familiar with the deal, pegged the round’s valuation at roughly $500 million. Nevis was founded by three former Revolut executives, and its platform is designed to help financial advisors handle day-to-day operations. For instance, when a client requests a withdrawal during a meeting, the AI automatically organizes relevant information, prepares transfer paperwork, and waits for staff approval before proceeding. Client data management, meeting documentation, and financial planning can all be completed within the same system. Nevis says its AI has completed over 100,000 back-office tasks, with some advisors saving up to 10 hours per week using the platform. Financial institutions using its platform manage more than $700 billion in client assets, up from around $500 billion a year prior. Over the same period, the company’s revenue grew more than 25-fold. Charles Schwab is a leading U.S. financial custodian serving over 17,000 independent advisory firms. This month, Schwab also announced it is blocking unauthorized AI agents from accessing client accounts and initiating fund transfers. The investment in Nevis sees the firm operate via manual approval and existing custodian systems, aiming to let AI deliver practical work within the bounds allowed by financial institutions.