Altruist, a US-based custodian for registered investment advisors (RIAs), announced Tuesday that it has raised $152 million in Series F funding led by GIC, a Singapore-based institutional investor.

Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners also participated, Altruist said in a statement.

The round values the company at approximately $1.9 billion.

“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.

In 2024, Altruist launched a suite of new products, including a high-yield cash account, automated and scalable tax management tools, and a fully digital native fixed-income trading experience.

The company achieved triple-digit growth in key metrics like revenue, brokerage accounts, and advisors served.

Earlier this year, the firm expanded its executive team by appointing Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer, building on last year’s addition of Piret Loone as General Counsel.

These leadership hires, together with third-party trading integration enhancements scheduled for later this year, reinforce Altruist’s strategic push into the enterprise market.

The approach is already attracting larger, more sophisticated firms, driving average firm size up 43 percent year-over-year.

Altruist now serves over 4,700 advisors and has tripled assets under management for two consecutive years.

“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.

Arving Ayyala, Partner at Geodesic Capital, said Altruist stands apart in the wealth management industry with their vertically integrated technology stack that combines custody services with front, middle, and back-office tools at a fraction of traditional costs, while leading the industry into the artificial intelligence (AI) age.

“Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40 percent to 60 percent,

“We’re backing Jason and his team because they’re not just improving the status quo—they’re completely reimagining an age-old industry that has resigned itself to incumbent offerings,” he added.

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