Altruist Raises $152 Million in Series F Funding
Altruist, a modern custodian for RIAs based in Los Angeles, CA, recently secured $152 million in Series F funding. This funding round, led by GIC and supported by investors such as Salesforce Ventures, Geodesic Capital, and Baillie Gifford, valued the company at approximately $1.9 billion.
CEO Jason Wenk leads Altruist, which offers a comprehensive solution for independent RIAs, integrating a self-clearing brokerage firm with software for various financial tasks like account opening, trading, reporting, and billing. Advisors using Altruist can take advantage of features like creating custom models, trading fractional shares, automating rebalancing, and sharing performance insights with clients through a user-friendly mobile app.
In the past year, Altruist has introduced new products like a high-yield cash account, scalable tax management tools, and a digital native fixed-income trading experience. The company saw significant growth in metrics such as revenue, brokerage accounts, and the number of advisors served.
Recently, Altruist expanded its leadership team by appointing Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer. This move follows the addition of Piret Loone as General Counsel last year. Currently, Altruist caters to over 4,700 advisors.
Published by FinSMEs on 22/04/2025
