Former Revolut execs raise $70 million to tackle a looming financial advisor shortage

The financial advisory industry faces a looming shortage as a third of professionals near retirement, with demand expected to outstrip supply by 2034. To address this, New York-based Nevis, a startup founded by former Revolut executives, has raised $70 million in a Series B round to develop AI software that automates routine tasks for advisors.

This allows them to focus more on client interactions. With a current valuation of $500 million, Nevis aims to provide financial advisors with access to AI agents, enabling them to save time and expand their services. The company projects a shortage of around 100,000 advisors by 2034 if industry doesn't innovate. Nevis has seen significant growth, with advisory assets under management increasing from $50 billion to $700 billion since its launch.

Notable clients include Focus Financial Partners, IEQ Capital, and United Capital. The startup has offices in New York and London, and received backing from EQT Ventures, QuantumLight, and Charles Schwab Corp., among others. Nevis's platform streamlines various tasks for advisors, reducing the need for multiple software systems and allowing them to dedicate more time to client services.