AI fintech start-up Nevis raises $35m Series A

US-based fintech start-up Nevis has raised $35 million in Series A funding to expand its AI platform for wealth management firms among registered investment advisors (RIAs) in the US. 

The investment round was supported by ICONIQ, Ribbit Capital, and Sequoia Capital, which previously led a $5 million seed round for Nevis less than a year ago.  

The Nevis platform is designed to automate operational tasks for RIAs using AI, covering meeting preparation, client management, account onboarding, and other general service and compliance-related processes.

The company was created by Revolut alumni Philipp Burda, Ivan Chalov, and CEO Mark Swan last year. Early adopters of the company’s tech include United Capital Financial Advisors, GC Wealth, Apollon Wealth Management, and Dodds Wealth. 

As part of the Series A, Sequoia partner Luciana Lixandru will join the Nevis board. She also serves on the boards of Stripe, Upway, Robco, Aspora, Tacto, and Pennylane.

The round values Nevis at $200 million, according to a report by Bloomberg, which also reports the company’s plans to expand its product suite with more operational functions, including custody account opening specifically, by early next year. 

Source: https://www.fintechfutures.com/