Financial Advisory Disruptor Altruist Earns Unicorn Status

As new funding round sees Financial advisory fintech platform provider Altruist earn unicorn status, we profile the rapidly rising company

Financial advisory fintech platform provider Altruist has secured unicorn status, having raised $169mn in funding, giving it a valuation of $1.5bn.

Los Angeles-based  Altruist’s wealth management software serves registered investment advisers, and the company is a rare example of a growth-stage fintech that hasn’t been hit by the current fintech deal-making freeze: 

In 2023 Altruist recorded 550% year-on-year revenue growth, and might reach cash-flow profitability in 2024, CEO Jason Wenk says. In growing so quickly, Wenk says the company has a valuation few buyers can afford, and that that could make a compelling M&A offer “would likely face significant antitrust scrutiny”.

Fintech M&As have stalled in recent years, with a 46% drop-off in fintech M&A deal value in the US and Canada in 2023, according to private market financial platform, PitchBook.

Wenk added: “My intention was always keeping the company private for as long as possible, or when it makes sense to take the company public, but never to sell it.”

In the wake of Altruist’s unicorn status, we take a closer look at the company, its market and what the future might hold for it.

Altruist: disrupting the financial advisory market

Altruist, based in Venice, California, has set its sights on transforming the way financial advisors serve their clients. With an estimated 300 employees, the firm has developed an innovative platform that streamlines back-office operations, providing advisors with cutting-edge digital tools to enhance their efficiency and deliver exceptional client experiences.

The company's flagship product is a suite of software solutions tailored for registered investment advisors (RIAs) and financial planners. 

By leveraging advanced technologies – including automated billing, trading, and portfolio management features – Altruist empowers advisors to focus on building strong relationships with clients and delivering personalised financial guidance.

"We're on a mission to make professional financial advice better, more accessible, and truly customer-centric," says Jason Wenk, founder and CEO of Altruist. "Our platform equips advisors with the tools they need to streamline their workflows, reduce operational complexities, and ultimately spend more time engaging with their clients."

Altruist's target audience includes a diverse range of financial advisory firms, from solo practitioners to large enterprises, and caters to their differing needs with a scalable and customisable solution. Its rapidly expanding customer base is a bellwether of the industry's growing demand for modern, digital-first services.

With a recent $50 million Series B funding round led by Insight Partners, Altruist accelerated its product development and expanded its market reach. Its ambitious growth plans include enhancing its platform's capabilities, exploring strategic partnerships, and exploring adjacent financial services verticals.

"The future of financial advice is digital, and Altruist is at the forefront of this transformation," says Wenk. "We're committed to continually innovating and pushing the boundaries of what's possible, empowering advisors to deliver exceptional value to their clients in an increasingly competitive landscape."

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