Nevis Raises $70M as Schwab Backs AI for Adviser Operations

Nevis has raised a $70M Series B led by EQT Ventures, with Charles Schwab joining as a strategic investor. The October 26 announcement brings funding to $110M. The company says its customers represent more than $700B in client assets. That measures the size of the firms buying its software, not revenue or money Nevis manages.

The distinctive bet is that AI can take over the administrative chain between a client conversation and a completed account opening. Schwab brings a relationship with the custody infrastructure—the institutions that hold clients’ assets—where that work must ultimately land.

QuantumLight, Sequoia Capital, ICONIQ and Ribbit Capital also participated. Sifted reports a $500M valuation; the company announcement does not disclose one, and the report does not specify pre- or post-money. No debt or secondary component was disclosed. Nevis’s previous announcement described a $35M Series A within $40M of cumulative funding, not a separate $40M round.

From meeting notes to a funded account

The buyers are wealth-management firms and registered investment advisers. Nevis combines customer records, meeting tools, planning and back-office automation.

Consider the account-opening workflow Nevis describes. Instead of staff moving client details between meeting notes, customer-management software and custodian forms, an agent fills Schwab or Fidelity paperwork. The broader workflow routes documents for signature, checks transfers, reconciles funding and updates records. This is the company’s product description, not an independently measured example.

Its Focus Financial Partners case study makes the implementation burden clearer. Focus uses a dedicated Nevis team, including deployment strategists and engineers, to configure the system around its operations. Enterprise adoption therefore requires more than switching on a chatbot.

Customers pay for software and any contracted implementation services. Nevis’s service terms put fees in subscription plans or customer order forms. Bloomberg’s December 2025 reporting described an annual fee based on client assets; a current public rate card was not established. Deployment labour and AI delivery costs matter to whether subscriptions produce attractive margins.

Why EQT wants the whole workflow

EQT’s investment memo argues that adviser retirements and administrative workloads create demand for more capacity. Its sharper commercial claim is that some customers have retired their CRM—the system holding customer relationships—and others plan to. That would give Nevis access to existing software budgets as well as new AI spending.

The memo cites an unnamed customer’s five-month study of 90 advisers against a control group, reporting more client and opportunity meetings. EQT does not publish enough methodology there to establish causation independently. Its memo demonstrates investor conviction, not an audit.

The competition is already funded. Jump announced an $80M Series B in February 2026, led by Insight Partners, to expand its adviser AI platform. Zocks raised $45M in January, co-led by Lightspeed and QED, for conversation-driven data and workflow automation. Both are close alternatives, not generic consumer robo-advisers.

VCT’s Luminary coverage examines the narrower estate-document workflow. Nevis is pursuing the broader operational platform; that scope creates more opportunities to replace software, but more integrations to maintain.

The next evidence should be completed workflows per adviser, correction rates, renewals and service costs. Nevis reports more than 25-fold revenue growth without an absolute figure. For buyers, time saved matters only if work stays accurate. For investors, the test is whether those savings survive the cost of deploying and supporting each firm.