- IRA company Alto Solutions is partnering with P2P marketplace Prosper.
- Under the agreement, Alto’s clients can now invest IRA funds in Prosper’s consumer loans.
- Prosper has facilitated more than $20 billion in P2P loans to nearly 1.2 million people across America.
Peer-to-peer (P2P) investment marketplace Prosper may likely see a new slough of investors in the coming months. That’s because the California-based company just inked a partnership with self-directed IRA platform Alto Solutions.
Alto users can now invest their IRA funds in loans originated through Prosper’s online marketplace lending platform. Prosper’s alternative investment platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. As a result, borrowers are able to secure credit outside of a traditional financial institution and investors can gain diversification along with attractive returns.
“We are extremely proud to partner with Prosper,” said Alto Chief Revenue Officer Tara Fung. “Prosper was the first peer-to-peer consumer lending marketplace in the U.S. and has given everyday Americans a first-of-its-kind investment opportunity to better diversify their portfolios. Thanks to our partnership, Alto investors can now deploy IRA funds to invest in consumer loans.”
Prosper was founded in 2006 and has since facilitated more than $20 billion in P2P loans to nearly 1.2 million people across America. In 2019, the company launched a HELOC tool that BBVA integrated into its website.
Tennessee-based Alto was founded in 2018. The company helps users access alternative investments such as real estate, crypto, startups, and more. Alto’s current investment partners include AngelList, DiversyFund, Eaglebrook Advisors, Fundr, Grayscale, Masterworks, Republic, Vint, and others.
Photo by Beth Macdonald on Unsplash
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