Altruist, a Los Angeles, CA-based provider of a custodian for independent RIAs, raised $112M in Series D funding.
The round, which brought the total amount to $290, was led by Insight Partners, new investor Adams Street Partners, with participation from existing investors Bill McNabb, Ron Carson, and Marty Bicknell.
The company intends to use the funds to further develop and expand its service offerings to empower a broader segment of the RIA market, including mid-sized firms that manage between $100 million and $1 billion in total assets.
Founded in 2018 by CEO Jason Wenk and Chief Product Officer Harpreet Ahluwalia, Altruist is a custodian for independent RIAs. The company combines a self-clearing brokerage firm with software for account opening, trading, reporting, and billing. It creates custom models, trade fractional shares, automate rebalancing, and share performance with clients using a mobile app.
This funding follows the acquisition of SSG, an advisory services firm, and the launch of a new brokerage offering. Altruist nearly tripled assets under management in 2022 while growing revenue by over 1,700% year over year. In Q1 2023, the company has accelerated growth and recorded record asset inflows and also expects to reach profitability this calendar year after less than 5 years of operating history.
Altruist’s new funding adds to a previously undisclosed $110M series C raised in November of 2021 and led by Declaration Partners with Venrock, Insight Partners, and Vanguard participating, bringing its total funding to more than $290M.
FinSMEs
13/04/2023