Key US WealthTech investment stats in H1 2025:
- US WealthTech deal activity dropped by a 63% YoY in H1
- New York secured 28% of all deals to emerge as the leader for the US WealthTech deal activity
- Altruist, a modern Californian-based WealthTech company serving independent registered investment advisors (RIAs), secured one of the largest US WealthTech deals for the first half of the year with a $152m Series F funding round
US WealthTech deal activity dropped by a 63% YoY in H1
In H1 2025, the US WealthTech market saw continued contraction in both deal activity and funding.
A total of 113 deals were recorded during the first half of the year, representing a 6% decrease from the 120 deals completed in H2 2024 and a 63% decline from the 304 deals registered in H1 2024.
Funding followed a similar downward trend, falling to $2.2bn in H1 2025 — an 18% drop from the $2.7bn raised in H2 2024 and a steep 59% fall compared to the $5.5bn secured in H1 2024.
These figures reflect ongoing investor caution and the recalibration of capital allocation strategies in the WealthTech space.
New York secured 28% of all deals to emerge as the leader for the US WealthTech deal activity
New York emerged as the most active state in the US WealthTech landscape in H1 2025, completing 45 deals (28% share), up from 64 deals (15% share) in H1 2024.
California followed with 35 deals (22% share), a substantial decline from the 122 deals (29% share) recorded in the same period last year.
Florida ranked third with nine deals (6% share), replacing Texas, which had completed 30 deals (7% share) in H1 2024.
While absolute deal volumes have dropped across all key markets, the relative rise in New York’s share suggests a geographic rebalancing of WealthTech activity, with East Coast hubs gaining ground amidst the broader market downturn.
Altruist, a modern Californian-based WealthTech company serving independent registered investment advisors (RIAs), secured one of the largest US WealthTech deals for the first half of the year with a $152m Series F funding round
The round was led by Singapore’s sovereign wealth fund GIC, with participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office, ICONIQ Growth, and other strategic investors.
Altruist operates as a fully integrated custodian, offering a self-clearing brokerage platform with digital tools for trading, account management, billing, and reporting.
Recent product launches—including high-yield cash accounts, tax management solutions, and a fixed income trading platform—have driven triple-digit growth in revenue, brokerage accounts, and advisor adoption.
Supporting over 4,700 advisors and tripling assets under management for two consecutive years, Altruist continues to scale rapidly as it modernises the custodial infrastructure for RIAs and expands its mission to make financial advice more accessible and efficient through technology.
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