YieldStreet, a NYC-based digital wealth management platform, acquired WealthFlex, a digital IRA platform providing investors with access to private investment opportunities through self-directed IRAs.
The amount of the deal was not disclosed.
The acquisition expands YieldStreet’s product portfolio to include a tech-forward IRA offering, while providing investors with access to alternative investment opportunities.
As a result of the acquisition, accredited investors with WealthFlex accounts as well as current and future YieldStreet investors will be able to diversify their retirement portfolios with YieldStreet’s offerings across a range of alternative asset classes, including real estate, marine finance, legal finance, art finance, and commercial loans. Joe DiDomenico, founder and CEO of WealthFlex, joined YieldStreet as Director of Retirement Services.
Founded in 2014, WealthFlex is a digital platform that enables users to convert traditional IRA investments into self-directed private investments, providing customers with access to their investable cash with no need for plan administrator involvement or mailing and faxing documents.
Led by Michael Weisz, Founder and President, and Milind Mehere, Founder and CEO, YieldStreet provides a digital wealth management platform allowing investors to access to institutional quality investments for individual investors across a range of asset classes such as Real Estate, Marine Finance, Art Finance, Legal Finance and Commercial Loans.
The company, which also has offices in Brazil, Argentina and Greece, is backed with $178M in equity and debt funding from firms including Edison Partners, Greycroft and Raine Ventures.