US PEER-TO-PEER lender YieldStreet has unveiled a strategic partnership that will give its investors access to Citigroup products.
The partnership with the bank’s fintech unit Spread Product Investment Technologies (Sprint) will give YieldStreet investors access to private credit investments usually reserved for high-net-worth individuals.
“YieldStreet is thrilled to continue our focus on first-to-market products, enabling our investor community to access institutional assets across the yield spectrum,” Milind Mehere, chief executive of YieldStreet, said.
“We are excited and honoured to work with the best-in-class team at Citi, and to create a new opportunity for YieldStreet, our investors, and our partners.”
Michael Weisz, president of YieldStreet, said this partnership reflects the ongoing paradigm shift in the financial services sector away from traditional products.
“Together, we will further enable YieldStreet investors to build diversified portfolios beyond the traditional composition of cash, stocks, and bonds,” he said.
Sprint was set up in 2018 to partner with companies in the debt and credit space.
“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.”
YieldStreet also announced that it has renewed an existing warehouse facility with Soros Fund Management and boosted it to $250m (£190m) from $100m to help fund private credit investments.