US-based wealth management platform Altruist has secured $152m in a Series F financing round led by GIC, a global institutional investor.
The round also saw participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and other partners.
The Series F financing, which values Altruist at around $1.9bn, aims to enhance services for independent registered investment advisors (RIAs).
Altruist raised $169m in a Series E funding round in May last year, which brought the company’s valuation to $1.5bn.
It was led by ICONIQ Growth and included participation from new investor Granite Capital Management, as well as existing investors Sound Ventures and Adams Street.
GIC private equity chief investment officer Choo Yong Cheen said: “Altruist’s track record of building best-in-class, innovative products has positioned them to serve a large and growing market, bringing modern infrastructure to advisors who have long been underserved.
“GIC looks forward to supporting Altruist in their mission to democratize access to financial advice through our long-term, flexible capital. We are confident in the management team’s ability to deliver exceptional value to advisors and their clients.”
Baillie Gifford private companies investment manager Shan Shan said: “Transforming the custodial layer of wealth management is no small feat, but Altruist is approaching it with long-term thinking and principled execution.
“The firm’s focus on transparency, innovation, and advisor empowerment is just what the growing RIA sector needs.”
Altruist operates as a modern custodian for RIAs, combining a self-clearing brokerage firm with intuitive software solutions for account opening, trading, reporting, and billing.
The company enables advisors to create custom models, trade fractional shares, automate rebalancing, and share performance insights with clients via a mobile app.
The financing follows the launch of new products in 2024, such as a high-yield cash account, automated tax management tools, and a digital native fixed-income trading experience.
Altruist reported triple-digit growth in revenue, brokerage accounts, and advisors served.
In 2023, Altruist expanded its team, appointing Rich Rao as chief business officer and Sumanth Sukumar as chief technology officer, alongside Piret Loone as general counsel.
Currently, Altruist serves over 4,700 advisors and has tripled assets under management for two consecutive years.
Geodesic Capital partner Arving Ayyala said: “Altruist stands apart in the wealth management industry with their vertically integrated technology stack that combines custody services with front, middle, and back-office tools at a fraction of traditional costs, while leading the industry into the AI age.
“Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labour costs by 40-60%.
“We’re backing Jason and his team because they’re not just improving the status quo—they’re completely reimagining an age-old industry that has resigned itself to incumbent offerings.”
