Altruist secures fresh $152M funding with $2B valuation

Altruist is poised to raise its profile further in the RIA custody space as it secures a fresh round of financing to fuel its next steps.

The fintech firm announced Tuesday that it has secured $152 million in a Series F funding round led by Singapore’s GIC, bringing the custodian’s valuation to roughly $1.9 billion.

The latest funding round also saw participation from familiar names in the VC space including Salesforce Ventures and Iconiq Growth, as well as Geodesic Capital, Baillie Gifford, Carson Family Office.

According to Crunchbase, this round brings Altruist’s total capital raised since inception to just over $600 million.

Founded in 2018 by financial industry veteran Jason Wenk, Altruist says it provides a vertically integrated platform that combines custody, portfolio management, and back-office capabilities for more than 4,700 advisors.

The Los Angeles-based company has seen its assets under management triple for two consecutive years. In 2024, it reported triple-digit growth in revenue, brokerage accounts, and advisor adoption.

GIC’s Chief Investment Officer of Private Equity, Choo Yong Cheen, said Altruist’s momentum stems from its approach to modernizing advisor infrastructure.

“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,” he said on Tuesday.

Last May, the wealth tech startup positioning itself as a "modern custodian" got a $169 million shot in the arm, securing funding from a cohort of investors led by Iconiq Growth that also included Granite Capital Management, Adams Street Partners, and Sound Ventures. It earned a valuation of more than $1.5 billion during that funding round, coming off the back of a 550 percent increase in revenue during 2023.

Since then, the company has rolled out new features include a high-yield cash solution, scalable tax management tools, and a fixed-income trading interface that is fully digital.

Its most recent executive hires – including former Coinbase and Uber executive Sumanth Sukumar as chief technology officer and former Intuit executive Rich Rao as chief business officer – signal a push to strengthen leadership as the firm targets larger advisory firms.

To insinuate itself into even more tech stacks, Altruist says it plans to roll out expanded third-party trading integrations later this year. According to the firm, the average size of advisory practices on its platform has increased by 43 percent year over year.

Baillie Gifford’s Shan Shan described the platform as a fit for an evolving industry. “The firm’s focus on transparency, innovation, and advisor empowerment is just what the growing RIA sector needs,” she said.

Arvind Ayyala, partner at Geodesic Capital, added: “Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40 to 60 percent.”

The most recent 2025 T3/Inside Information Software Survey showed Altruist’s market share doubling to 6.25 percent, though it's still a distant fourth below the big three custodial platforms of Schwab, Fidelity, and Pershing.

At the same time, it earned All-Star recognition in five software categories, including custody and portfolio management. In the portfolio management space, Altruist saw a more than double increase in market share from the prior year and achieved a strong user satisfaction score of 8.36, placing it in the top cohort of solutions rated​.