Altruist, a modern custodian for RIAs, announced $152 million in Series F funding led by GIC, a global institutional investor. Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners also participated. This funding round values the company at about $1.9 billion.
Last year, Altruist launched a suite of new products, including a high-yield cash account, automated and scalable tax management tools, and a fully digital native fixed-income trading experience. And the company achieved triple-digit growth in key metrics like revenue, brokerage accounts, and advisors served.
Altruist now serves 4,700+ advisors and has tripled assets under management for two consecutive years.
Expanded Executive Team: Earlier this year, Altruist expanded the executive team by appointing Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer, building on last year’s addition of Piret Loone as General Counsel. And these leadership hires, together with third-party trading integration enhancements scheduled for later this year, reinforce Altruist’s strategic push into the enterprise market. This approach is already attracting larger, more sophisticated firms, driving average firm size up 43% year-over-year.
KEY QUOTES:
“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.”
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC
“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.”
Shan Shan, Investment Manager, Private Companies, at Baillie Gifford
“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 labor 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.”
Arving Ayyala, Partner at Geodesic Capital
