Altruist secures $152m in Series F round at nearly $1.9bn valuation

GlobalData

Wed, Apr 23, 2025, 4:53 AM 2 min read

RIA custodian Altruist has raised $152m in a Series F financing round, led by Singapore’s sovereign wealth fund GIC.

The company will use the capital to speed up “innovation” for growth focused RIAs.

This funding round also saw participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners, valuing Altruist at around $1.9bn.

It follows a significant year for Altruist, during which the company introduced a range of new products in 2024.

These offerings include a high-yield cash account, automated and scalable tax management tools, and a fully digital native fixed-income trading experience.

GIC private equity chief investment officer 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 democratise access to financial advice through our long-term, flexible capital.”

Altruist reported triple-digit growth across key performance metrics, including revenue, brokerage accounts, and the number of advisors served.

Altruist expanded its executive team earlier this year by appointing Rich Rao as chief business officer and Sumanth Sukumar as chief technology officer. This follows the previous year's addition of Piret Loone as general counsel.

Currently, the firm serves more than 4,700 advisors and has achieved a threefold increase in assets under management for two consecutive years.

Geodesic Capital partner Arving Ayyala said: “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.”

In May 2024, StratiFi partnered with Altruist to enhance outcomes for financial advisers.

"Altruist secures $152m in Series F round at nearly $1.9bn valuation" was originally created and published by Private Banker International, a GlobalData owned brand.

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