Altruist scores $90m in its Series B funding round

Altruist, an all-in-one platform for modern financial advisors, has scored $90m in its Series B funding round.

The investment was led by venture capital and private equity firm Insight Partners, with commitments also coming from Venrock and Vanguard.

Funds from the round will help the company enhance its operations and fuel operations and innovation to release new products.

Altruist provides Registered Investment Advisors (RIAs) with an integrated digital platform that enables them to open accounts, invest, build models, report and bill from a single location.

It claims it offers a paperless platform that saves time and costs and leverages automation technology to remove operational tasks.

Altruist founder and CEO Jason Wenk said, “Just like any financial advisor, Altruist wants to help people feel great about their money. At the same time, we want to help our industry innovate beyond the antiquated and expensive legacy tools that impede financial advisors and their clients.

“There are millions of people who want real, quality financial help, and there are thousands of advisors who want to serve a diverse community of investors. Altruist is here to bridge that gap.”

As part of the deal, Insight Partners principal Jon Rosenbaum will join the Altruist board of directors. Furthermore, Insight Partners co-founder and managing director Jeff Horing will take an observer seat.

The FinTech company previously raised $8.5m in its Series A round in 2019.

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