Altruist, a modern WealthTech company serving independent registered investment advisors (RIAs), has raised $152m in a Series F funding round.
The latest round was led by GIC, the Singaporean sovereign wealth fund, with participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a number of additional strategic partners. The new investment values the company at approximately $1.9bn.
Altruist operates as a fully integrated custodian for RIAs, offering a self-clearing brokerage platform alongside digital tools for account management, trading, reporting and billing. Its solution enables advisors to build and manage client portfolios more efficiently, with capabilities including fractional share trading, automated rebalancing, and performance tracking via a modern mobile app.
In 2024, Altruist launched high-yield cash accounts, tax management tools, and a digital-native fixed income trading platform. These offerings helped drive triple-digit increases in revenue, brokerage accounts, and advisors served.
The firm now supports over 4,700 advisors and has tripled assets under management for two consecutive years.
GIC chief investment officer of private equity Choo Yong Cheen said, “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.”
Baillie Gifford investment manager Shan Shan added, “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.”
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