Altruist, a U.S.-based custodian for registered investment advisors, announced that it raised $152 million in a Series F funding round led by Singapore sovereign investor GIC.
The round also drew participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth and other partners, valuing Altruist at about $1.9 billion.
Since rolling out a suite of products in 2024—including a high-yield cash account, automated tax management tools and a fully digital fixed-income trading interface—Altruist has recorded triple-digit growth in revenue, brokerage accounts and advisors served.
The firm now supports more than 4,700 advisors, with assets under management having tripled for two consecutive years and average firm size up 43% year-on-year, per the announcement.
Altruist has bolstered its leadership team with Rich Rao as chief business officer and Sumanth Sukumar as chief technology officer, following last year’s appointment of Piret Loone as general counsel.
The company plans to roll out enhanced third-party trading integrations later this year to reinforce its enterprise market strategy.
The Series F proceeds will be used to accelerate product development, expand enterprise sales and deepen technology integrations aimed at attracting larger, more sophisticated advisory firms.
Investors expect the capital infusion to support Altruist’s mission of modernizing the custodial layer of wealth management by delivering an end-to-end platform that merges custody with front, middle and back office tools at a lower cost than legacy providers.
GIC said its commitment reflects confidence in Altruist’s ability to democratize access to financial advice with long-term, flexible capital.
Baillie Gifford highlighted the company’s emphasis on transparency and innovation, while Geodesic Capital pointed to Altruist’s unified technology stack as a solution to data reconciliation challenges and a catalyst for 40–60% reductions in operational labor costs.
Altruist’s investors view the platform as a key enabler for registered investment advisors transitioning to more scalable, AI-driven operations, effectively reshaping an industry that has long relied on fragmented, incumbent systems.
