Altruist, a fintech custodian for registered investment advisers, has raised $112 million in a funding round led by Insight Partners and Adams Street.
The company, which recently announced plans to buy Shareholder Services Group and the launch of its self-clearing custodian, said in a press release that the Series D round brought its total funding to about $290 million.
“I couldn’t be more energized by what we’re working towards,” Jason Wenk, Altruist’s founder and CEO, said in the release. “When it comes to making financial advice better, more affordable and accessible to everyone, we’ve only scratched the surface.”
Altruist said the funding will help it accelerate product development, including adding more automation to portfolio management. The company is in the process of adding new cash and tax management functionality.