The Bank Slate


Fintech Altruist raises $169M in latest funding round

Fintech custodian Altruist raised $169 million in a Series E funding round.

The Los Angeles company said in a press release that the round was led by ICONIQ Growth with participation from new investor Granite Capital Management. Adams Street Partners and Sound Ventures also participated.

Altruist has raised more than $450 million.

Yoonkee Sull, a general partner at ICONIQ Growth, will join Altruist’s board.

Proceed will be used to invest in technology and to hire “highly trained staff to meet the needs of its rapidly growing customer base,” the release said.

“Addressing time-sensitive client requests is a big part of an advisor’s job,” Jason Wenk, Altruist’s founder and CEO, said in the release. “Our ability to resolve issues quickly is one of the main reasons RIAs are leaving legacy custodians and coming to Altruist. A responsive support organization helps advisers build and maintain client trust.”

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