Altruist Raises $152M in Series F Funding to Accelerate Growth of WealthTech RIA Platform
In a significant move for the WealthTech industry, Altruist, a modern technology-driven firm catering to independent registered investment advisors (RIAs), has successfully secured $152 million in a Series F funding round. This latest investment underscores Altruist’s commitment to innovation and its expanding role in enhancing the financial advisory landscape.
Funding Details and Valuation
The Series F funding round was spearheaded by GIC, the sovereign wealth fund of Singapore, along with contributions from notable investors such as Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, and ICONIQ Growth. This influx of capital elevates Altruist’s valuation to approximately $1.9 billion.
Altruist’s Innovative Solutions for RIAs
Altruist operates as a fully integrated custodian for RIAs, offering a comprehensive self-clearing brokerage platform enriched with digital tools for:
- Account management
- Trading
- Reporting
- Billing
These features empower advisors to efficiently build and manage client portfolios. Key capabilities include:
- Fractional share trading
- Automated rebalancing
- Performance tracking via a modern mobile application
Recent Product Launches
In 2024, Altruist introduced several new offerings, including:
- High-yield cash accounts
- Tax management tools
- A digital-native fixed income trading platform
These innovations have significantly contributed to Altruist’s growth, resulting in triple-digit increases in revenue, brokerage accounts, and the number of advisors served.
Growth and Market Impact
Currently, Altruist supports over 4,700 advisors and has achieved continuous growth, tripling its assets under management for two consecutive years. GIC’s Chief Investment Officer of Private Equity, Choo Yong Cheen, emphasized Altruist’s potential by stating, “Altruist’s track record of building best-in-class, innovative products has positioned them to serve a large and growing market.”
Baillie Gifford’s investment manager, Shan Shan, highlighted the importance of their approach, saying, “Transforming the custodial layer of wealth management is no small feat, but Altruist is approaching it with long-term thinking and principled execution.”
Conclusion
The recent funding round not only strengthens Altruist’s financial position but also reinforces its mission to democratize access to financial advice. The firm is poised to continue its trajectory of growth and innovation in the WealthTech sector, making significant strides in enhancing the advisor-client relationship.
For more information about Altruist’s services and offerings, visit their official website at Altruist.
