Modern Custodian Altruist Awarded for Fintech Innovation Following Record Growth Year

Altruist, named by T3 as the number one custodian that advisors are considering switching to in the next 18 months, earned additional recognition for its innovative solutions as a finalist for both the 2024 Fintech Innovation 50 and Nasdaq’s Fintech Trailblazer contest. The recognition is a testament to independent financial advisors’ appetite for a modern, efficient, and service-oriented custodian.

With more than $12 billion raised across the Fintech Innovation 50 honorees, there is clear enthusiasm among investors around the growth and disruptive potential of the financial technology sector. Having raised $290 million to date, Altruist is vying to dismantle the current duopoly that dominates RIA custody.

“We’ve consciously chosen to put RIAs and their clients at the center of our business,” said Jason Wenk, Founder and CEO of Altruist. “In spite of the tremendous value they provide, RIAs have always been pushed to the periphery by custodians more focused on retail investors, 401k administration units, and mutual fund offerings. The tech and service models aren’t designed for them–they’re retrofitted. When you put RIAs at the center, it becomes significantly easier to do financial advice the right way. And this generates an incredible byproduct: better client outcomes."

Altruist earned high marks on the T3/Inside Information Advisor Software Survey for 2024, a resource that provides key insights into the fintech marketplace by leveraging advisor data. The firm was named the number one alternative for RIAs looking to change or add a custodian, scoring an “extraordinary” user rating of 8.5, and was noted as seeing some of the highest market share gains among custodians.

The survey and recent award results mark a continuation of last year’s momentum. Altruist announced its move to self-clearing in March 2023, followed by the acquisition of award-winning brokerage Shareholders Services Group (SSG), and then a $112 million Series D round. In under 5 years, Altruist has ascended to the third-largest custodian by advisors served.

About Altruist

Altruist is the modern custodian for independent RIAs. Altruist combines a self-clearing brokerage firm with intuitive software for account opening, trading, reporting, and billing – all in one streamlined solution. With Altruist, you can create custom models, trade fractional shares, automate rebalancing, and share performance with clients using a modern mobile app. Learn more at https://www.altruist.com and follow Altruist on Twitter @altruist.

Keep in mind, other brokerage fees, Model Marketplace fees and related expenses may apply on your client's assets. Please see the Altruist Financial LLC and Altruist LLC Fee Schedules and Subscription Pricing on altruist.com/legal to learn more.

Altruist Corp ("Altruist") offers technology and tools designed to help financial advisors achieve better outcomes. Advisory and certain other services are provided by Altruist LLC, an SEC-registered investment adviser, and brokerage-related products and services are provided by Altruist Financial LLC, a member of FINRA/SIPC. Nothing in this communication should be construed as an offer, recommendation, or solicitation to buy or sell any security. Additionally, Altruist or its affiliates do not provide tax advice and investors are encouraged to consult with their personal tax advisors. Clearing and custody of securities provided by Altruist Financial LLC. © 2023 Altruist Corp 3030 S La Cienega Blvd Culver City, CA 90232.

About Fintech Innovation 50

The Fintech Innovation 50 includes the most promising fintech startups as nominated and voted on by 44 investment firms, in partnership with Crunchbase. This year, 150 companies were nominated, and 50 were selected through a voting process that required the nomination of portfolio and non-portfolio companies. Nomination criteria included companies with a primary product focus on fintech, the U.S. as a primary market, and Series A stage financing. For more information about participating investors and list methodology, visit www.fintechinnovation50.com.

About GGV Capital U.S.

GGV Capital U.S. is an American venture capital firm focused on early-to-growth investments in technology companies across North America, Israel, Europe, Latin America, and India. We are dedicated to fostering innovation and supporting the next generation of leaders in the tech industry, including Affirm, Airbnb, Bowery Farming, Drata, Handshake, HashiCorp, Ibotta, Quince, Slack, Slice, Square, StockX, Vercel, Zendesk, and more.

GGV Capital U.S. is a longtime investor in the global fintech sector, with more than 10 investments, including ADDI, Affirm (AFRM), Aven, Block (SQ), Clara, Divvy Homes, Frubana, IDwall, Northstar, Novo,and Stori. More information can be found at www.ggvc.com and @ggvcapital.

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