Alto, a platform provider for alternative asset retirement investment, has closed a series B funding round worth $40 million.
Advance Venture Partners led this round, with additional participation from existing investors including Unusual Ventures, Acrew Capital, Alpha Edison, Foundation Capital, Gaingels, and Coinbase Ventures.
US fintech Alto plans to use the funding to broaden access to and enhance the capabilities of its Alto IRA and CryptoIRA platforms, as well as accelerate hiring across all in-house teams, and continue development of new products.
Alto initially launched in 2018 with a self-directed IRA platform that makes it easy for individuals to access and invest in alternative assets using their retirement funds.
The fintech followed up with Alto CryptoIRA, where investors can buy, sell, and trade more than 125 crypto assets.
This latest round of funding caps off a strong 2021 for the fintech. It completed a series A fundraise of $17 million in April and currently serves more than 15,000 IRA investors with a $1 billion of assets under custody.
Eric Satz, founder and chief executive officer of Alto, says: “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, securitised artwork, and crypto.