Altruist Secures $152M to Fuel Innovation for Growth-Focused RIAs 

Altruist, a wealthtech startup and custodian for registered investment advisors, raised $152 million in a Series F funding round led by GIC, Singapore’s sovereign wealth fund, valuing the company at $1.9 billion. The round included participation from Salesforce Ventures, Baillie Gifford, Geodesic, and ICONIQ Growth. This follows a $169 million Series E round in May 2024, bringing total funding to over $602 million. 

The funding caps a pivotal 2024 for Altruist, marked by the launch of key products like a high-yield cash account with 5.10% APY, automated tax management tools, and a fully digital fixed-income trading platform. The company reported triple-digit growth in revenue, brokerage accounts, and advisors served, with assets under management tripling for two consecutive years. 

Altruist bolstered its leadership with the appointments of Rich Rao as Chief Business Officer, Sumanth Sukumar as Chief Technology Officer, and Piret Loone as General Counsel. These hires, combined with upcoming third-party trading integrations, position Altruist to capture the enterprise market, with average firm size growing 43% year-over-year. 

Serving over 4,700 advisors, Altruist has solidified its position as the third-largest RIA custodian by firm count. The 2025 T3 Software Survey highlighted Altruist’s rising market share, climbing from 2.85% to 6.25%, 

“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,” said Choo Yong Cheen, CIO of Private Equity at GIC.