Altruist, a US-based custodian platform for registered investment advisors (RIAs), has raised US$152 million in a Series F funding round led by Singapore’s sovereign wealth fund GIC.
The latest round values the company at approximately US$1.9 billion.
Other investors include Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and select additional backers.
The funding comes on the heels of what the company described as a strong 2024, during which it launched several new products such as a high-yield cash account, tax management tools, and a digital-native fixed income trading platform.
Altruist reported triple-digit growth in revenue, brokerage accounts, and the number of advisors served.
The firm also expanded its leadership team earlier this year, naming Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer, following the appointment of Piret Loone as General Counsel in 2023.
The company said these moves support its push into the enterprise segment, which has helped grow the average firm size it serves by 43% year-over-year.
The platform now supports more than 4,700 advisors and said it has tripled its assets under management for two years in a row.
According to the 2025 T3 Software Survey, Altruist’s market share increased from 2.85% to 6.25%, earning recognition in categories such as custody, trading, billing, and portfolio management.
“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.”
said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC.
Altruist CEO Jason Wenk reflected on the company’s founding and its core audience, stating,
“I founded Altruist because there was a clear and compelling need for a better RIA custodian.”
He said the platform is designed for “advisors committed to rapid growth, deep client relationships, and innovation,” whom he refers to as “Modern Advisors.”
Featured image credit: Edited from Freepik
