Alto Solutions, a self-directed IRA platform that helps individuals invest into alternative assets through tax-advantaged retirement funds, has bagged $40m in Series B funding.
Advance Venture Partners served as the lead investor, with commitments also coming from Unusual Ventures, Acrew Capital, Alpha Edison, Foundation Capital, Gaingels and Coinbase Ventures.
The FinTech company will use the funds to broaden and enhance the capabilities of its platform, hire more staff and develop new products.
Alto previously raised $17m in its Series A funding round back in April 2021. The investment was led by Unusual Ventures, with commitments also coming from Moment Ventures, Acrew Capital and Alpha Edison, among others.
The company’s goal is to make it easier for individuals to invest their IRA funds, defer taxes and explore more options for growth.
Nashville-based Alto streamlines the process for investors, investment funding portals and investment sponsors. Consumers can select their IRA type and then start investing with a network of 75 partners. Its partners include AngelList, DiversyFund, Eaglebrook Advisors, Fundr, Grayscale, Masterworks, Republic and Vint.
The FinTech company currently serves over 15,000 IRA investors with a billion dollars of assets under custody.
Alto founder and CEO Eric Satz said, “I am proud of the success of the Alto team to date and grateful for the continued confidence of many of our core investors in this latest funding round.
“We believe this funding will provide more individuals looking to control their financial future with easy and affordable access to high-growth, diversified, non-traditional asset classes typically reserved for the wealthiest investors, including private equity, venture capital, real estate, securitized artwork, and crypto.”
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