Altruist Secures $152 Million in Funding Led by Singapore’s GIC: A Game-Changer for Custody Platforms
Altruist, a leading US-based custodian platform for registered investment advisors (RIAs), has successfully completed a significant Series F funding round, raising an impressive US$152 million led by Singapore’s sovereign wealth fund, GIC. This funding round values the company at approximately US$1.9 billion, marking a significant milestone in the firm’s growth trajectory.
Key Investors in Altruist’s Funding Round
In addition to GIC, Altruist attracted investments from a range of notable sources, including:
- Salesforce Ventures
- Geodesic Capital
- Baillie Gifford
- Carson Family Office
- ICONIQ Growth
- Various other backers
Recent Growth and Product Innovations
The new funding comes after a successful 2024 for Altruist, during which the company launched several innovative products aimed at enhancing the advisor experience. These include:
- A high-yield cash account
- Tax management tools
- A digital-native fixed income trading platform
Altruist has reported triple-digit growth in key metrics, including revenue, brokerage accounts, and the number of advisors served. The firm has also expanded its leadership team, appointing:
- Rich Rao as Chief Business Officer
- Sumanth Sukumar as Chief Technology Officer
- Piret Loone as General Counsel in 2023
Strategic Expansion into the Enterprise Segment
These leadership changes are part of Altruist’s strategy to strengthen its presence in the enterprise segment, resulting in a remarkable 43% year-over-year increase in the average size of firms served. Currently, the platform supports over 4,700 advisors and has achieved a remarkable tripling of assets under management for two consecutive years.
Market Recognition and Future Outlook
According to the 2025 T3 Software Survey, Altruist has seen a significant increase in its market share, rising from 2.85% to 6.25%. The platform has gained recognition in multiple categories, including:
- Custody
- Trading
- Billing
- Portfolio management
Choo Yong Cheen’s Perspective
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, commented on Altruist’s potential, stating:
“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.”
Jason Wenk’s Vision for Altruist
Altruist CEO Jason Wenk reflected on the company’s mission, stating:
“I founded Altruist because there was a clear and compelling need for a better RIA custodian. Our platform is designed for advisors committed to rapid growth, deep client relationships, and innovation—what I call ‘Modern Advisors.’”
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