Altruist, a Los Angeles, CA-based modern custodian for RIAs, raised $152m in Series F funding.
The round, which valued the company at approximately $1.9 billion, was led by GIC with participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners.
Led by CEO Jason Wenk, Altruist is a modern custodian for independent RIAs which combines a self-clearing brokerage firm with software for account opening, trading, reporting, and billing – all in one streamlined solution. With Altruist, advisors can create custom models, trade fractional shares, automate rebalancing, and share performance insights with clients using a modern mobile app.
The funding follows a landmark year. In 2024, the company 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. Altruist achieved triple-digit growth in key metrics like revenue, brokerage accounts, and advisors served.
Earlier this year, the company expanded its 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.
Altruist now serves over 4,700 advisors.
