Altruist raises $112 million

Financial services startup Altruist closed a $112 million series D round led by Insight Partners, with participation from Adams Street Partners, existing investors, and others.

Altruist’s new funding adds to a previously undisclosed $110 million series C raised in November of 2021 and led by Declaration Partners with Venrock, Insight Partners, and Vanguard participating, bringing its total funding to more than $290 million.

Founded in 2018, Altruist targets RIAs with an all-in-one platform that includes clearing and custody, and software solutions for account opening, trading, reporting, and billing.

“We’re incredibly bullish on Altruist and the RIA market more broadly. I have seen few investment opportunities in my career to back a team with this level of domain expertise and depth of vision, and applied to such a significant and compelling market need.” – Brian Stern, partner and co-head of Growth Equity at Declaration Partners.

“Altruist has quietly invested an immense amount of time and resources building a truly modern custodian for RIAs. A vertically integrated platform that puts clearing and custody at the core is a game changer for advisors. It’s a deeply technical problem at every level that the team has solved with an intuitive user experience that’s unlike anything the RIA industry has ever seen.” – Jon Rosenbaum, managing director at Insight Partners.

“While the RIA industry has evolved rapidly over the past 20 years, the custodians serving them have not. Legacy custodians have little incentive to innovate and rebuild technology that would enable advisors to scale and reach as many people as possible.” – Altruist CEO Jason Wenk.