Altruist, the modern custodian for RIAs, today announced $152 million in Series F funding led by GIC, a global institutional investor. Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and a select group of additional partners also participated. 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,” said Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC. “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.”

Earlier this year, Altruist 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% year-over-year.

“Transforming the custodial layer of wealth management is no small feat, but Altruist is approaching it with long-term thinking and principled execution,” said Shan Shan, Investment Manager, Private Companies, at Baillie Gifford. “The firm’s focus on transparency, innovation, and advisor empowerment is just what the growing RIA sector needs.

"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 AI age,” said Arvind Ayyala, Partner at Geodesic Capital. “Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40-60%."

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