Altruist, a modern custodian for RIAs, raised $152 million in Series F funding led by GIC, valuing the company at approximately $1.9 billion. Other participants included Salesforce Ventures and Baillie Gifford. The funding follows a year of significant growth, with Altruist launching new products and expanding its executive team. The company now serves over 4,700 advisors and has tripled assets under management for two consecutive years.

Altruist, a custodian and software company for investment advisers, raised $152 million in Series F funding led by GIC, valuing it at $1.9 billion. This follows Robinhood's acquisition of custodian TradePMR for $300 million last year. Altruist was previously valued at $1.5 billion in May 2024. The RIA custody space, dominated by Charles Schwab and Fidelity, is seeing new entrants aiming to capture market share with innovative tech and lower fees.

RIA custodian upstart Altruist this week announced the hiring of Silicon Valley insider Sumanth Sukumar as its chief technology officer.