Citi and YieldStreet announce partnership to spur retail investment in alternative assets
Partnership with digital investor platform is the latest move by bank’s Sprint fintech team.
Citi’s fintech incubator unit – the spread products investment technologies team (Sprint) – on Wednesday announced a strategic partnership with digital wealth management platform YieldStreet Capital, which is focused on opening up access to institutional-quality investments for individual investors across a range of asset classes, such as real estate, marine finance, art finance, legal finance and commercial loans.
Citi launched Sprint in September 2018 as a strategic equity investment platform focusing on innovation across its spread products business.
"We are not a VC fund. Everything we do has to be strategic to Citi’s overall mission. All our investments are in spaces in which the spread products group already operates," Matt Zhang, managing director and head of Sprint at Citi, tells Euromoney.
This can range from lending to modular housing business Factory OS to investing in digital mortgage provider Better Mortgage Corp – both active in the broader housing space. Sprint is also focusing on market innovation, for example investing in alternative market analytics platform T-REX and automating BWICs in the bank’s own collateralized loan obligation (CLO) trading business.