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Wealth Management


CUSTODIAN ALTRUIST RAISES $169 MILLION IN SERIES E


ALTRUIST IS NOW VALUED AT MORE THAN $1.5 BILLION.

By Holly Deaton
May 2, 2024
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Illustration by RIA Intel

Altruist, a venture capital–backed fintech platform and digital custodian used
by more than 4,000 financial advisors, announced a $169 million Series E round
of funding on Thursday.



The round was led by ICONIQ Growth and included a new investor, Granite Capital
Management, as well as funding from existing investors Adam Street Partners and
Sound Ventures.



Yoonkee Sull, general partner at ICONIQ Growth, will join Altruist’s board of
directors.



Although relatively young, having been launched in 2019, Altruist has quickly
gained both name recognition and a reputation for a forward-thinking approach.
In February, Altruist was listed as the No. 1 custodian that advisors are
considering switching to in the next 18 months in an annual advisor software
survey.



To date, Altruist has raised more than $450 million and is currently valued at
more than $1.5 billion, according to the company.



The firm has seen a lot of recent success, having tripled its assets under
management for the second consecutive year and achieved year-over-year revenue
growth of 550 percent in 2023. Last year, the custodian became self-clearing, a
long-term goal, and acquired the brokerage and custodian platform Shareholders
Service Group.



With this raise, the company is planning to continue its investment in
technology solutions as well as scaling its staff to grow with its customer
base.

“Our ability to resolve issues quickly is one of the main reasons RIAs are
leaving legacy custodians and coming to Altruist,” Altruist founder and chief
executive officer Jason Wenk said in a statement. “A responsive support
organization helps advisors build and maintain client trust.”

As part of its 2024 lineup, the company is planning on launching tax management
features. It recently launched a cash management solution with a 5.10 percent
annual percentage yield. Altruist also recently revised its fee schedule,
eliminating 50 line items, after the company came under fire for raising or
adding fees to some retirement accounts.

“With a fully featured and vertically integrated platform built for RIAs,
Altruist is breaking through in an industry desperate for innovation,” Sull said
in a statement. “It’s rare to see a new company in the custodian space nail the
fundamentals while carving out a substantial customer base in a market dominated
by legacy financial institutions.”





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