Announced earlier this week is an interesting partnership between The Kingdom Trust Company and Bancbox. The arrangement between the two companies is intended to streamline the crowdfunding and peer-to-peer (P2P) lending platform experience for the IRA investor. This new partnership is expected to greatly enhance the IRA investor’s experience using the KingdomCrowdIRA.
Scott Foster, SVP of Business Development of Kingdom Trust, commented on the partnership;
“This partnership will create a paradigm shift in self-directed IRA investing on portals and platforms. It’s our belief that crowdfunding and peer-to-peer lending portals and platforms will continue to migrate to fully-automated and integrated escrow, compliance and custody solutions. This partnership will not only accelerate fintech innovation in crowdfunding, but it will also open the door to other areas of financial services.”
“In addition to being the payments and compliance engine of choice powering 70-plus crowdinvesting and private placement portals, we see partnerships like this one as a means to bring liquidity to these portals and continue to create win:wins in this new ecosystem.”
Bancbox offers an API-driven approach that enables its clients to seamlessly integrate banking services into their applications. To simplify things even more, Bancbox has also incorporated compliance management and integrated with banks so its clients don’t have to.
“We continue to focus on value added beyond investor on-boarding and accreditation, regulatory compliance and third-party escrow services to now solving a key problem for crowdfunding and private placement portals — the need for retirement dollars to flow into this new asset class by providing the plumbing to enhance distribution, liquidity and transparency,” said Goyle.
The Kingdom Trust Company is a South Dakota chartered public trust company that specializes in the custody of alternative assets in Individual Retirement Accounts.