US-based fintech Altruist, which enables customers to connect with financial advisers, has raised $8.5m in a Series A funding round.
The round was led by Venrock, a venture capital firm originally established as a unit of the Rockefeller family.
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As part of the deal, Venrock’s Nick Beim will gain a seat on the Altruist board.
The proceeds will be used to develop an integrated digital brokerage platform for financial advisers.
The platform will integrate brokerage services and native portfolio accounting software, enabling advisers to open online accounts online.
It will also provide advisers commission-free trading services.
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By GlobalDataBeim said: “Today’s RIA technology products are not known for their efficiency, low cost or delightful user experience.
“Altruist combines these products in its seamlessly integrated digital investing platform, which results in extraordinary ROI for financial advisers and enables them to spend far more time with clients.”
Altruist CEO and founder Jason Wenk said: “”Our mission is to make financial advice better, more affordable, and more accessible. To accomplish this, we need to modernise the tools available to financial advisers.
“The investment and support from Venrock will help us radically transform the way RIAs are able to serve their clients.”
He added that Altruist will help advisers significantly reduce their software costs and support their business growth.
Altruist has already launched the beta version of its Portfolio Accounting software, which is slated for a general roll-out early next year.
