YieldStreet, an online marketplace for a diverse array of asset-backed investments, announced on Wednesday it appointed Ron Suber, President Emeritus of Prosper Marketplace, and a leading fintech investor, to the Yieldstreet Board of Directors.
As previously reported, Ron Suber is one of the better-known names in the fintech industry. His role as the President of the marketplace lending platform Prosper Marketplace. Since his departure from Prosper, Suber has been associated with multiple fintechs as an investor, advisor, or a board member. He has served in executive capacities at Bear Stearns, Spectrum Global, Merlin Securities, and Wells Fargo Securities. As a Board member, Suber will advise Yieldstreet’s executive team as they continue to scale the company. Speaking about his new position, Suber stated:
“Founders Milind Mehere, Michael Weisz, and Yieldstreet’s executive team have a bold and promising vision for the future of wealth management. Yieldstreet is an example of how fintechs should be built for scalability and longevity and I am honored to serve on its Board of Directors.”
Yieldstreet Founder and CEO, Milind Mehere, further commented:
“In his 30 years on Wall Street, there isn’t much, if anything, that Ron hasn’t seen or done. He is a fintech pioneer and has been one of the creative forces in this new world of investing. Our company and our investors will benefit from having a person of his high caliber joining our Board. Michael and I look forward to working with him.”
YieldStreet notably caters to sophisticated, accredited investors offering alternative investments such as property, art, or marine assets. The platform’s investors have invested more than $1 billion and Yieldstreet has returned more than $650 million in principal and interest payments to them since inception.
The appointment of Suber comes just a few weeks after YieldStreet was hit with a filing for class action against the investment platform according to a release distributed by several law firms. According to the note, the platform is facing litigation filed by investors who “lost more than $100 million.” The lawsuit is also said to be brought by four individual investors and filed in the US District Court for the Southern District of New York. The release points to risky investments that are marketed to accredited investors.