The Singapore-based institutional investor GIC is the lead investor in the $152 million Series F funding that Altruist, a US-based custodian for registered investment advisors (RIAs), announced on Tuesday.
According to a statement from Altruist, a small number of other partners also took part, including Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, and ICONIQ Growth.
The company is valued at about $1.9 billion in this round.
“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.
A high-yield cash account, scalable and automated tax management tools, and a fully digital native fixed-income trading experience were among the new products that Altruist introduced in 2024.
Important metrics such as revenue, brokerage accounts, and advisors served all saw triple-digit growth for the company.
The firm added Piret Loone as General Counsel last year, and earlier this year it added Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer to its executive team.
These executive hires support Altruist’s strategic push into the enterprise market, as do planned improvements to the third-party trading integration later this year.
Larger, more advanced firms are already being drawn to the strategy, increasing the average firm size by 43% annually.
Altruist has tripled its assets under management for the past two years and currently serves over 4,700 advisors.
“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,” said Shan Shan, Investment Manager, Private Companies, at Baillie Gifford.
Altruist stands out in the wealth management sector, according to Arving Ayyala, Partner at Geodesic Capital, with their vertically integrated technology stack that leads the sector into the era of artificial intelligence (AI) and combines custody services with front-, middle-, and back-office tools at a fraction of traditional costs.
