Investment platform ALT has raised $200m in debt financing, which was led by Atalaya Capital Management.
This funding comes shortly after ALT released ALT Advance, a lending product that lets investors borrow cash against their vaulted assets without having to sell them. This service gives liquidity against graded collectibles such as trading cards, watches and sneakers.
Through the Advance service, borrowers send their graded collectibles to ALT’s secure vaulting facility for safekeeping. The borrower then reviews the terms and conditions, which are offered in real-time against the portfolio. The borrower then prepays on a flexible payment schedule, with the option for early payments.
ALT head of lending Mark Ricciardi said, “ALT has been able to transform its best-in-class data and vaulting infrastructure into a first of its kind productised lending solution for graded collectibles.
“ALT Advance is a revolutionary product that gives borrowers access to near-immediate liquidity in a flexible fashion, at affordable rates. Soon, ALT will be extending its lending solution into other areas such as venture-backed equity interests as we pursue our goal of unlocking the value of high-quality alternative assets.”
ALT is a mobile app that lets people trade alternative assets in a similar manner to stocks.
Last week, a new TikTok inspired investment platform Zeed secured £205,000 in pre-seed funding. The company plans to launch a mobile app that lets users watch educational video content on investment trends and general financial knowledge.
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