Altruist, a prominent all-in-one platform for modern financial advisors, has recently announced securing $50 million funding in Series B round to upgrade its platform for customized financial advice. The second tranche was led by Insights Partners, a global venture capital and private equity firm, with participation from Series A investors Venrock and Vanguard.
For the uninitiated, Altruist serves Registered Investment Advisors with a comprehensive digital platform that allows them to invest, build models, bill, and report, all in one place. In fact, automation across the platform saves advisors time by reducing monotonous operational tasks.
It has been speculated that Jonathan Rosembaum, Principal at Insight Partners, would be joining Altruist’s board of directors, while MD and Co-Founder of Insights Partner, Jeff Horing, would take an observer seat.
Reports suggest that the new financing would be used to improve operations and fuel innovations allowing Altruist to expand its product offerings to help financial advisors deliver delightful and modern experience across a diverse network of clients.
Commenting on its move for supporting the financial advisors, Founder and CEO of Altruist, Jason Wenk stated that just like any financial advisor, Altruist is planning to help people feel great about their money. Parallelly, the firm is also looking forward to helping its industry revolutionize beyond the expensive legacy tools that hamper the success of the financial advisors and their clients.
Jason added that by putting an end to high account minimums, Altruist is set to allow financial advisors to cater to their clients efficiently irrespective of their current level of wealth.
On the other hand, Jonathan Rosenbaum exclaimed that the team at Insight Partners is confident that Altruist’s novel platform would potentially transform the financial advising industry in practice.
Jonathan further mentioned that Altruist’s vision demands both empathy and FinTech innovation toward not only its RIA customers, but also its clients. Furthermore, Insight Partners also believes in the team’s ability of delivering world class SaaS applications while enhancing the well-being of customers who are looking to save.