Altruist, a Los Angeles, CA-based custodian for independent RIAs, raised $169M in Series E funding.
The round, which valued the company north of $1.5B, was led by ICONIQ Growth with participation from new investor Granite Capital Management, Adams Street Partners and Sound Ventures. In conjunction with the funding, Yoonkee Sull, General Partner at ICONIQ Growth, will be joining the board of directors.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO and Founder Jason Wenk, Altruist is a 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. In addition to its self-clearing brokerage capabilities, Altruist offers technology that automates and simplifies administrative work, integrates with adjacent services, and streamlines portfolio management tasks so that advisors have more time for client-facing activities.
With it, users can create custom models, trade fractional shares, automate rebalancing, and share performance with clients using a mobile app.
After growing revenue over 550% in 2023 and tripling assets under management for two consecutive years, Altruist has become the third largest custodian behind Schwab and Fidelity (based on RIAs served).
FinSMEs
02/05/2024