Altruist Raises $152M at a $1.9B Valuation

Altruist, a modern custodian for RIAs, has announced $152 million in Series F funding at a $1.9 billion valuation. The funding round—led by global institutional investor GIC, and including partners such as Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, and ICONIQ Growth—follows a landmark year of growth for the firm. 

In 2024, the custodian 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 average asset size of its clients increased by 43% from 2024 and it has tripled its assets under management for the past two years. The firm currently works with about 4,700 advisors, commanding a 6.25% market share (up from 2.85% in 2024) according to the 2025 T3/Inside Information Software Survey. 

“We’ve found that we’ve got a formula that’s working pretty well, and so we want to just continue to put a lot more fuel into that,” said Mazi Bahadori, Chief Operating and Compliance Officer at Altruist. “And so, the focus really is just to continue to accelerate a lot of product development and innovation.” 

Bahadori said the firm will announce new product developments in 2025, with some of them utilizing artificial intelligence in ways that will further Altruist’s goal of reducing friction for advisor activities such as account opening, funding, trading, and rebalancing, and offering more investment and trading options.  

In addition, the firm is working to develop integrations with more existing technology platforms. “This year we're adding meaningful integrations with companies like Orion (including FIX trading for large, multi-custodial firms), Tamarac, Advyzon, and more,” said Jason Wenk, founder and CEO of Altruist.

This most recent round of funding follows a $169 million Series E round in May 2024 and the expansion of the firm’s leadership team with the appointments of Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer earlier this year.