Altruist, a Culver City-based company that supports independent financial advisors, has secured $152 million in Series F funding. Global institutional investor GIC led the round, which also included participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office and ICONIQ Growth.
The company serves as a custodial partner to more than 4,700 advisors, working to modernize wealth management through its clearing and custody solutions. Its software unifies account opening, trading, reporting and billing and helps advisors improve efficiency by automating repetitive administrative tasks.
“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,” Arving Ayyala, partner at Geodesic Capital, said in a statement. “Their unified platform eliminates the data reconciliation nightmares plaguing RIAs while delivering a seamless digital experience that reduces labor costs by 40 to 60 percent.”
This latest influx of funding puts the Altruist’s value at about $1.9 billion. The capital comes after a series of recent milestones for Altruist, including the launch of multiple new products and the expansion of its executive team.
