Nevis Brings Its Total Funding To $40m After A Successful Series A
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AI platform focused on wealth management, Nevis, announced that it has completed its Series A funding round on Monday, December 1. According to the announcement, the round was concluded with $35 million raised from Sequoia Capital, ICONIQ, and Ribbit Capital, which brought its total funding to $40 million in less than a year since the firm was founded.
Nevis is a company that creates AI tools meant to aid financial advisors. The tools allow them to automate their administrative workflows end-to-end, which is why Nevis quickly attracted a lot of attention. The firm already serves some of the fastest-growing wealth management companies in the US, supporting Registered Investment Advisors (RIAs) that collectively manage over $50 billion in client assets.
Not only that, but it continues to grow, onboarding new customers at a rapid pace. The company has noted that the demand for expert financial advice has never been higher, as every year, over 50 million Americans trust financial advisors with their life savings, and rely on their expertise and guidance to keep them and their money safe. That means guiding them through important life decisions, such as planning for retirement, funding their children’s education, or starting and building a successful business.
Furthermore, the firm said that the personal wealth of Americans is accelerating, with the number of US households that hold more than $500,000 in investable assets growing 8x faster than the population.
Why Nevis’ Services Are Crucial For The Wealth Management Space
The wealth management space has suffered from a persisting bottleneck, which is advisor capacity. As things are now, advisors spend up to 80% of their time on administrative tasks, rather than serving clients directly. This slows them down and holds the companies back from growing, thus limiting access to high-quality advice for millions of families.
Nevis aims to fix that, and its CEO, Mark Swan, said that the firm acts as the world’s first AI platform for wealth management. He explained that Nevis’ team is building a future where every financial advisor will be supported by an AI platform that can complete operational tasks end-to-end.
“From helping advisors prepare for client meetings to opening custodian accounts, Nevis streamlines the workflows that consume the majority of an advisor’s time. With this level of automation, advisors can focus on what matters most: delivering best-in-class client service and growing their business,” Swan explained.
