Registered investment adviser (RIA) custodian Altruist has secured $169m in a Series E funding round, bringing the company’s valuation to $1.5bn.

The financing round was led by ICONIQ Growth. It also had the participation from new investor Granite Capital Management along with the firm’s existing investors Sound Ventures and Adams Street Partners.

ICONIQ Growth general partner Yoonkee Sull said: “With a fully-featured and vertically integrated platform built for RIAs, Altruist is breaking through in an industry desperate for innovation.

“It’s rare to see a new company in the custodian space nail the fundamentals while carving out a substantial customer base in a market dominated by legacy financial institutions.”

Altruist’s new round brings the company’s total funding to more than $450m.

Based in the US, the RIA custodian offers technology and tools tailored to support financial advisers achieve better outcomes.

The company brings together a self-clearing brokerage firm with user-friendly software for account opening, trading, reporting, and billing, all within a single integrated platform.

Through Altruist, users gain the ability to design personalised models, trade fractional shares, automate rebalancing, and communicate performance to clients by utilising a modern mobile application.

Altruist founder and CEO Jason Wenk said: “In the 15 years I spent serving clients as an RIA, we’d run into the same problems over and over–it didn’t matter if we had $10 million under management, $100 million, or billions.

“Features that were obviously better and available to retail investors weren’t available to people working with advisors. The best way to help more people get more from their money is to provide independent advisors with better software, better service, and the tools to drive better client outcomes.”

Altruist also plans to roll out new products and services this year.

Last year in April, Altruist raised $112m in a series D funding round led by Insight Partners and Adams Street Partners.