Wealth Management Startup Altruist Valued at $1.5 Billion-Plus

Wealth management startup Altruist says it has raised $169 million, elevating its valuation to more than $1.5 billion.

The company, based in the Los Angeles area, has received an investment led by Iconiq Growth, with participation from Granite Capital Management, Adams Street Partners and Sound Ventures, according to a statement reviewed by Bloomberg News.

Altruist, which aims to compete with Charles Schwab Corp. and Fidelity, refers to itself as a “modern custodian” building technology for financial advisers. Its software and app assist with account opening, trading and creating custom financial models.

The company’s revenue increased more than 550% ...