Altruist, a US-based custodian platform for registered funding advisors (RIAs), has raised US$152 million in a Sequence F funding spherical led by Singapore’s sovereign wealth fund GIC.
The most recent spherical values the corporate at roughly US$1.9 billion.
Different traders embrace Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Household Workplace, ICONIQ Progress, and choose extra backers.
The funding comes on the heels of what the corporate described as a robust 2024, throughout which it launched a number of new merchandise akin to a high-yield money account, tax administration instruments, and a digital-native mounted earnings buying and selling platform.
Altruist reported triple-digit development in income, brokerage accounts, and the variety of advisors served.
The agency additionally expanded its management group earlier this 12 months, naming Wealthy Rao as Chief Enterprise Officer and Sumanth Sukumar as Chief Know-how Officer, following the appointment of Piret Loone as Normal Counsel in 2023.
The corporate mentioned these strikes help its push into the enterprise phase, which has helped develop the common agency dimension it serves by 43% year-over-year.
The platform now helps greater than 4,700 advisors and mentioned it has tripled its belongings beneath administration for 2 years in a row.
In line with the 2025 T3 Software program Survey, Altruist’s market share elevated from 2.85% to six.25%, incomes recognition in classes akin to custody, buying and selling, billing, and portfolio administration.
“Altruist’s monitor report of constructing best-in-class, modern merchandise has positioned them to serve a big and rising market, bringing trendy infrastructure to advisors who’ve lengthy been underserved.
GIC appears ahead to supporting Altruist of their mission to democratize entry to monetary recommendation by way of our long-term, versatile capital. We’re assured within the administration group’s capability to ship distinctive worth to advisors and their purchasers.”
mentioned Choo Yong Cheen, Chief Funding Officer of Personal Fairness at GIC.
Altruist CEO Jason Wenk mirrored on the corporate’s founding and its core viewers, stating,
“I based Altruist as a result of there was a transparent and compelling want for a greater RIA custodian.”
He mentioned the platform is designed for “advisors dedicated to fast development, deep shopper relationships, and innovation,” whom he refers to as “Fashionable Advisors.”
Featured picture credit score: Edited from Freepik
This text first appeared on Fintech Information Singapore.
