Overview

Altruist provides a platform designed for Registered Investment Advisors (RIAs) to improve their operations and client interactions. The platform includes a range of tools such as live chat support, commission-free fractional share trading, a model marketplace, and an automated rebalancer, all aimed at helping RIAs manage their businesses more effectively. This allows them to serve more clients while lowering costs, which can enhance their profit margins. Altruist also features a quick onboarding process and offers valuable investment management information along with original content tailored for independent financial advisors. Unlike many competitors, Altruist offers its services for free, aiming to build a large user base, and generates revenue through a vertically-integrated custodian service that helps RIAs reduce operational costs. The goal of Altruist is to empower RIAs to grow their businesses and enhance the experience they provide to their clients.

Simplify's Take

What believers are saying

• Recent $169M funding round boosts Altruist's growth and market expansion potential.
• Partnerships with Orion and Kwanti enhance Altruist's platform integration and service offerings.
• Rising demand for digital transformation in financial services aligns with Altruist's solutions.

What critics are saying

• Competition from Betterment and Wealthfront pressures Altruist to innovate continuously.
• Frequent platform updates may increase operational costs and resource allocation challenges.
• Dependency on third-party integrations could affect service delivery if partnerships change.

What makes Altruist unique

• Altruist offers a simplified tech stack for RIAs, enhancing operational efficiency.
• The platform includes commission-free fractional share trading and an automated rebalancer.
• Altruist's vertically-integrated custodian service reduces overhead costs for RIAs.

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Funding

Total Funding

$437.2M

Above

Industry Average

Funded Over

5 Rounds

Notable Investors:

Insight Partners

Notable Investors:

Insight Partners

$169,000,000

Series E

May 2024

Series E funding typically includes additional rounds after Series D if the company needs more capital. The business is usually stable, and these rounds are typically used for further expansion or to address market challenges.

Series E Funding Comparison

Above Average

Industry standards

Ind Avg. $100M

$30M

$169M

$245M

$250M

$1250M

$1500M

View all funding stages