Altruist, a Los Angeles-based provider of an integrated digital brokerage platform for financial advisors, raised $8.5m in Series A funding round.
The round was led by Venrock. As part of the funding, Nick Beim will be joining the Altruist Board of Directors.
The company intends to use the funds to continue to expadn operations and its development efforts.
Led by CEO and founder Jason Wenk, Altruist provides a platform that offers advisors commission-free trading, fractional shares, the ability to open accounts online in minutes, and integration between brokerage services and native portfolio accounting software.
The company launched its solution at the beginning of 2019 and released a beta version of its Portfolio Accounting software in July.
The full platform will be available to the public in early 2020.