Rocket Dollar is nearing the end of a securities offering on Republic and with less than 2 days in the offering, the Fintech has topped $400,000 on the crowdfunding platform.
Rocket Dollar is a Fintech that helps to match investors with alternative finance offerings. The platform notes that most investors are not aware that alternative assets may be held in a 401(k) or IRA (retirement accounts). Rocket Dollar allows its users to create a self-directed retirement account while facilitating investments in things like real estate or private equity.
Currently, Rocket Dollar offers two types of accounts; the Self-Directed Solo 401(k) (launched in March 2018), and the Self-Directed IRA (launched in June 2018). Both accounts are available in Traditional (pre-tax contributions) or ROTH (post-tax contributions). The target market is individuals that don’t want to just invest in pre-defined mutual funds or stocks and bonds.
As it stands today, over 800 users have signed up and total assets under administration stands at about $80 million.
To date, Rocket Dollar has raised $3.7 million in a combination of founder’s and Executive Team investments ($355,850) and outside angel investors and institutions. Investors in this offering are receiving a “Crowd-SAFE” with a valuation cap of $20 million.
The company was founded by Henry Yoshida who previously founded Honest Dollar (a Robo-advisor) that was acquired by Goldman Sachs.
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