Alto Solutions, a self-directed IRA platform, reports that it has been selected by LendingClub (NYSE: LC) as the new preferred IRA custodian for LendingClub IRA account holders. The news follows an announcement last month that Alto had raised $17 million in a Series A funding round led by Unusual Ventures.
According to Alto, LendingClub’s 13,000 IRA investors can now diversify their retirement accounts beyond LendingClub Notes.
At the end of 2020, LendingClub announced it was discontinuing its loan investment option for retail investors so it is not immediately clear as to how this will impact either Alto or LendingClub going forward. As LendingClub is now a digital ban
Alto states that as LendingClub’s preferred IRA custodian, Alto will offer LendingClub investors online access to new alternative investment options. Alto platform can offer investment options like real estate, cryptocurrency, and startups and then allow individuals to invest and put cash to work as their remaining LendingClub Notes continue to mature and cash balances rise in their IRA.
Alto’s platform includes a variety of network investment partners, including AngelList, Coinbase, Masterworks, and Republic. Opportunities are available to both accredited and non-accredited investors.