US-based alternative investment platform YieldStreet has acquired digital IRA platform WealthFlex to foray into the $27.1trn retirement industry.
Financial details of the detail have not been disclosed.
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Customers can use the WealthFlex platform to convert IRA investments into self-directed private investments without assistance from a plan administrator.
The deal will enable all accredited investors with WealthFlex accounts and YieldStreet investors to diversify their retirement portfolios across several alternative asset classes.
The customers can invest in real estate, marine finance, legal finance, art finance, and commercial loans among others.
YieldStreet founder and CEO Milind Mehere said: “Our investors wanted a tax-efficient method of investing on YieldStreet, and we listened.
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By GlobalData“Anyone who has ever tried to move their 401(k) or IRA understands that the process is not consumer-friendly or designed for today’s world.
“Our promise is to make it as fast and cost-efficient as possible so investors can easily move their money and take control of their retirement portfolios.”
YieldStreet founder and president Michael Weisz said: “The $27.1 trillion retirement market is currently underutilised and lacking diversification.
“YieldStreet acquired WealthFlex to give investors greater flexibility to invest their retirement portfolios beyond traditional products as we continue to disrupt the ways in which wealth is created for our growing community of investors.”
“In the future, we plan to explore originating investments specifically designed to be most efficient for IRA investors.”
Founded in 2014, WealthFlex offers investors with access to higher performance private investments through its online platform.
YieldStreet is based in New York and works to allow individual investors to make institutional quality investments.
In February, the company raised $62m in a Series B equity funding round.
