Altruist Secures $152 Million Series F Led by GIC to Expand Custody Innovation for RIAs

Altruist has raised $152 million in a Series F funding round led by GIC, the sovereign wealth fund of Singapore, bringing the company’s valuation to approximately $1.9 billion. The investment positions Altruist to accelerate its growth strategy, deepen its technological capabilities, and scale its offering for independent registered investment advisors (RIAs) globally.

The round includes participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, ICONIQ Growth, Carson Family Office, and other strategic partners. This capital injection follows a year marked by significant product launches, executive expansion, and a sharp increase in key performance metrics.

“Transforming the custodial layer of wealth management is no small feat”

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, commented, “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. 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.”

Founded to modernize custody and operations for RIAs, Altruist has introduced a vertically integrated platform combining custody, trading, reporting, billing, and cash management. Its proprietary tools include a high-yield cash account, automated tax management, and a digital-native fixed-income trading solution.

The company now serves over 4,700 advisors and has tripled assets under management for two consecutive years. According to the 2025 T3 Software Survey, Altruist’s market share increased from 2.85% to 6.25%, with top ratings across five categories, including custody and portfolio management.

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

In 2024, Altruist strengthened its leadership by appointing Rich Rao as Chief Business Officer and Sumanth Sukumar as Chief Technology Officer, following the addition of General Counsel Piret Loone in 2023. These hires signal the company’s readiness to serve larger, more complex advisory firms, with average firm size on the platform increasing by 43% year-over-year.

Arvind Ayyala, Partner at Geodesic Capital, commented, “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. Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40–60%. We’re backing Jason and his team because they’re not just improving the status quo—they’re completely reimagining an age-old industry.”

With the new capital, Altruist plans to further its presence in the enterprise RIA space, enhance its AI capabilities, and scale adoption across its platform. CEO Jason Wenk’s full announcement on the funding round is available through the company’s website.