Nevis raises $70M Series B with Schwab and EQT backing

Nevis raised $70 million in Series B funding led by EQT Ventures, with Charles Schwab and QuantumLight, the fund of Revolut founder and CEO Nik Storonsky, participating. Sequoia Capital, ICONIQ and Ribbit Capital, all early investors, also joined, bringing total funding to $110 million. The prior $35 million Series A, last December, valued the company at $200 million, WealthManagement.com reported.

Nevis says assets on its platform grew from $50 billion to $700 billion this year, a run rate of $75 billion in new assets a month. Named clients include United Capital, IEQ Capital and GC Wealth. This week it announced a strategic partnership with Focus Financial Partners, which made an undisclosed but "significant investment," as Private Wealth Daily previously reported.

For advisors, the round puts a custodian's name behind an AI vendor selling into advisor workflows. Jon Beatty, head of Schwab Advisor Services, said in a statement that the investment and partnership "expands that ecosystem, helping advisors harness AI to operate more efficiently, increase their capacity and ultimately serve more investors." What Schwab's money buys in integration, data access or pricing is not in the coverage, and that is the term to pin down before a practice standardizes workflows on the platform.

Schwab's investment activity comes as Moves Wire records three departures from the firm in the past 12 months and no arrivals, most recently Naureen Hassan's move to UBS as a UBS Wealth executive on Sept. 26.

Nevis was founded in 2024 by Mark Swan, Ivan Chalov and Philipp Burda, who met while working at Revolut. EQT Ventures partner Carolina Brochado joins the board with the round; colleague Kaushik Subramanian becomes a board observer.