Investment platform Altruist raises $112m in Series D funding
Altruist, an investment platform for financial advisors, has raised $112 million in a Series D funding round led by Insight Partners and Adams Street.
Altruist CEO Jason Wenk
The company combines a self-clearing brokerage with software for account opening, trading, reporting and billing for registered investment advisors (RIA).
The new funding follows a previously undisclosed $110 million Series C raised in November 2021 led by Declaration Partners, with Venrock, Insight Partners and Vanguard also participating. Altruist has now raised $290 million in total.
The firm also recently acquired custodial platform Shareholders Service Group and says the deal now positions the fintech as the third-largest custodian in the US by number of companies served.
Founder and CEO of Altruist Jason Wenk says 2023 is set to be a year of growth for the business.
“With this capital, we’re accelerating product development to ensure that Altruist can empower RIAs of any size and scale,” Wenk says.
The firm intends to expand its product capabilities in three areas: automation in areas such as portfolio management, personalisation for clients and improved integration.
