Altruist has secured $8.5m in a Series A round led by Venrock to help it build the “first fully integrated digital brokerage platform for financial advisors.”
The platform will provide advisors commission-free trading, fractional shares, account opening which only takes a matter of minutes, and integration between brokerage services and native portfolio accounting software.
Altruist CEO and founder Jason Wenk said, “Today’s RIA technology products are not known for their efficiency, low cost or delightful user experience. Altruist combines these products in its seamlessly integrated digital investing platform, which results in extraordinary ROI for financial advisors and enables them to spend far more time with clients.
“Our mission is to make financial advice better, more affordable, and more accessible. To accomplish this, we need to modernize the tools available to financial advisors. The investment and support from Venrock will help us radically transform the way RIAs are able to serve their clients.”
Wenk believes Altruist will save advisors upwards of 95% on software costs and accelerate business growth. One of the goals of the platform is to lower hidden costs of investing by 60%.
As part of the deal, Venrock partner Nick Beim has joined the Altruist board of directors.
Venrock has been an active investor in the FinTech market. The firm led the $20.3m funding round of cloud-native data loss prevention company Nightfall AI, earlier in the month.
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