Nevis, a startup that uses AI to help financial advisers with administrative work, has raised $70 million in a Series B funding round.

EQT Ventures led the round, with participation from brokerage Charles Schwab, QuantumLight, Sequoia Capital, ICONIQ and Ribbit Capital, Nevis said Monday.

The startup did not disclose its valuation, but Fortune reported that it reached $500 million, citing a person familiar with the matter.

The Series B brings Nevis' total funding to $110 million. It previously announced a $35 million Series A round from Sequoia, ICONIQ and Ribbit in December 2025 that took its total funding to $40 million at the time.

Founded in 2024, Nevis is led by former Revolut employees Mark Swan, Philipp Burda and Ivan Chalov. QuantumLight, which joined the latest round, is the venture firm founded by Revolut co-founder and CEO Nik Storonsky.

As part of the Series B round, Carolina Brochado, partner and head of EQT Ventures, will join Nevis' board. Fellow EQT Ventures partner Kaushik Subramanian will become a board observer.

What does Nevis do?

Nevis helps financial advisers with work such as preparing for meetings, sending client emails and opening accounts. Advisers can use Nevis to access client records, meeting notes and financial planning tools.

"Financial advice is, and always will be, human-led," Swan wrote in the announcement. "AI should empower financial advisors, not replace them."

Nevis' customers include Focus Financial Partners, IEQ Capital and United Capital. Its customers represent more than $700 billion in assets, up from $50 billion over the past year. The startup said it is now adding customers representing $75 billion in assets every month.

Revenue grew more than 25 times during that period, but Nevis did not share the amount. Its agents have completed over 100,000 tasks, according to the announcement.

Nevis also said advisers using its software save up to 10 hours a week and hold 30% more meetings with potential clients.

Schwab joined as a strategic investor. Nevis said the two will deepen their partnership to make its agents available across more of Schwab's systems and automate more work for advisers.

The startup has 70 employees. It will use the funding to develop its AI agents and expand the work they can do across wealth management.