Fintech Startup Altruist Raises Additional Funding


Altruist, a Los Angeles, CA-based fully-integrated digital investment platform for financial advisors, closed an additional round of funding of undisclosed amount.

The round was led by Venrock, with participation from personal investments by Ron Carson of Carson Group and Bill McNabb, as well as a strategic third-party investor. As part of the round, McNabb joined the Altruist Board of Directors, which also includes Nick Beim, partner at Venrock, and Jason Wenk, CEO of Altruist. Mr. McNabb is the former Chairman of the Board for Vanguard and served as their CEO from 2008 to 2017.

The company intends to use the funds for continued growth and continued innovation.

The company is also led by Nachiket Shiralkar, Chief Technology Officer.

Altruist helps independent financial advisors grow by bringing together essential business operations—like opening and funding financial accounts, building and managing custom investment models, fee billing, and reporting performance—into one interface. Last year, the company released its mobile app on the App Store and Google Play, which allows advisors to offer their clients a solution to keep track of their portfolio and open accounts on their phone.

Altruist plans to expand its RIA offering and mobile app with new capabilities, and further enhance the client experience.



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