Altruist has raised $152 million in a Series F round that values the registered investment advisor custodian at $1.9 billion. The money will fuel more product launches as Altruist seeks to pull more RIAs away from the legacy players.
The funding round was led by GIC, Singapore’s sovereign wealth fund, and included Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and additional partners.
“We’ve found that we’ve got a formula that’s working pretty well, and so we want to just continue to put a lot more fuel into that,” said Mazi Bahadori, chief operating and compliance officer. “ And so the focus really is just to continue to accelerate a lot of product development and innovation.”
Bahadori, who has been with Altruist since its founding in 2018, said the firm will announce new product developments in 2025. Some of those announcements, he said, will utilize artificial intelligence in ways that will further Altruist’s goal of reducing friction for advisor activities such as account opening, funding, trading, and rebalancing, and offering more investment and trading options.
“With AI now you can actually chip away by orders of magnitude as opposed to maybe those more incremental changes,” he said. “I say it is a large category because it’s really going to hit all over.”
Bahadori said the firm will be building some of its AI tools, but is also considering acquiring existing AI financial vendors to further its product offering.
“We’ve got an incredibly strong balance sheet right now, and so I think that puts us in a good position that if we did want to go out and make some of those acquisitions, it could really accelerate getting some cool tools into advisors’ hands much quicker,” he said.
Last year, Altruist launched capabilities including a high-yield cash account, automated tax management tools, and a digital fixed-income trading tool. According to the Los Angeles-based custodian, it also achieved “triple-digit growth” in revenue, brokerage accounts, and advisors served, while the size of the average firm using the custodian increased by 43%.
Altruist declined to provide total client assets or average RIA client size. According to the 2025 T3 Software Survey, its market share in the space occupied by giants Charles Schwab and Fidelity Investments is 6.25%.
Bahadori noted other projects Altruist is working on includes price changes for some advisors, possibly through bundling services, depending on the clients’ needs.
Altruist is also working on ways for its custodial platform to integrate with more existing tech platforms that advisors may use.
“There are a lot of high-growth RIAs that have got some pieces of a tech stack that they really love, and maybe want to update their custodian,” he said. “They want to make sure that those two things work really well together.”
Bahadori said the custodian continues to rely largely on word of mouth from advisors for growth and feedback, including a network of active users it encourages to upvote issues or concerns to leadership.
“We’ve got such a tiny sales and marketing team—we spend very, very little on that,” Bahadori said. “The biggest selling point for us has just been advisors getting onto the platform, and once they can see it and feel it, it does all the talking itself.”
In 2025, Altruist also made executive hires, including Silicon Valley insider Sumanth Sukumar as chief product officer and Rich Rao as chief business officer.
The funding follows a $169 million Series E round in May 2024.