YieldStreet and Citi Announce Strategic Partnership to Deliver Access to Private Credit Opportunities
NEW YORK--(BUSINESS WIRE)--Jan 8, 2020--
YieldStreet, the digital wealth management platform, today announced a strategic partnership with Citi to access investment opportunities across private credit markets, including Real Estate, Aviation, Shipping, Telecommunications, as well as other structured credit products.
Access to additional scale will enable YieldStreet to respond to the demand it is seeing from the individual retail investor community for access to its products. Since its founding in 2015, YieldStreet has originated more than $1.2 billion of investment opportunities, generating significant engagement and demand from its growing investor community.
“YieldStreet is thrilled to continue our focus on first-to-market products, enabling our investor community to access institutional assets across the yield spectrum. We are excited and honored to work with the best-in-class team at Citi, and to create a new opportunity for YieldStreet, our investors, and our partners,” said Milind Mehere, CEO of YieldStreet.
Citi is backing the partnership through its Spread Product Investment Technologies (SPRINT) unit, within the Citi Markets Fintech Investment program. The business was created in 2018 with a focus on partnering with innovative companies that are reshaping the $40 trillion debt and private credit markets. “We have always regarded YieldStreet as an innovative platform in the market, bringing institutional-style investments to a broad audience,” said Matt Zhang, Managing Director and Head of SPRINT at Citi. “We’re really excited to partner with the YieldStreet team and believe there is a tremendous opportunity for us to scale our relationship together.”
“Our partnership with Citi, yet again, reflects the ongoing paradigm shift in the financial services sector, highlighting the value YieldStreet offers to investors and originators alike. Together, we will further enable YieldStreet investors to build diversified portfolios beyond the traditional composition of cash, stocks, and bonds,” said Michael Weisz, President of YieldStreet.
In addition to Citi, private investment funds managed by Soros Fund Management LLC have also renewed their warehouse facility from $100 million up to $250 million. This facility will further support the scale of investment volume due to strategic partnerships such as YieldStreet’s relationship with Citi.
In early 2019, YieldStreet closed a $62 million Series B financing round, with investment from Edison Partners, Greenspring Associates and Soros Fund Management LLC.
YieldStreet is striving to become the world’s largest digital wealth management platform to change the way wealth is created. YieldStreet seeks to accomplish this by transforming the investing landscape, opening up access to investments for individual investors across a range of asset classes such as Real Estate, Marine Finance, Art Finance, Legal Finance, and Commercial loans. Headquartered in New York City with offices in Brazil, Argentina and Greece, the company is backed with $178 million in equity and debt funding from firms including Edison Partners, Greycroft, Soros Fund Management and Raine Ventures. Join the movement at www.yieldstreet.com.
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PUB: 01/08/2020 09:00 AM/DISC: 01/08/2020 09:01 AM