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Tuesday, January 12, 2021

McNabb Bets On a Fintech

Reported by Neil Anderson, Managing Editor

A former fundster bigwig is betting on a fintech startup in California.

Frederick William "Bill" McNabb III
Altruist
Investor, Board Member
Yesterday Jason Wenk, CEO and founder of Altruist, confirmed that Bill McNabb is one of the investors in its new funding round and that McNabb has joined the Los Angeles-based firm's board of directors. Venrock (a venture capital firm) led the round, which also included Carson Group's Ron Carson and an unnamed "strategic third-party investor." The move follows an $8.5-million series A back in 2019. (The size of the new round was not revealed.)

Fundsters know McNabb as the former chairman and CEO of Vanguard.

Altruist is an online brokerage that offers financial advisors a commission-free trading platform.

McNabb, who left Vanguard in 2018, also serves on the boards of UnitedHealth Group, IBM, and Axiom. He spent 34 years at Vanguard, rising to CEO in 2008. He is alumnus of the University of Pennsylvania's Wharton School and of Dartmouth College. 

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