The real estate investment platform is backed by Michael Burry, of The Big Short fame.
Fintech firm PeerStreet has closed a $29.5m series B round after a solid year of growth. The platform, which connects investors to loans originated by a range of property lenders, has more than doubled its lending volumes over the past year. It claims to have funded over $900m in loans to date.
In the past year, the property investment platform has also announced integrations with some of the biggest names in digital wealth management in the US, including Wealthfront, Betterment and Personal Capital. It has also released a shorter-term product for investors seeking enhanced liquidity.
PeerStreet’s latest fundraise has been led World Innovation Lab, alongside other new investors Solon Mack and Navitas Capital. Existing investors Andreessen Horowitz, Thomvest, Colchis Capital and Felicis Ventures also participated. PeerStreet has in the past received backing from a number of prominent individuals, including Ron Suber and Michael Burry, who famously foresaw the sub-prime mortgage crisis, as depicted in The Big Short.
The $29.5m in new funding will accelerate PeerStreet’s growth, allowing it to broaden the type of real estate loans that it sources from its network of lenders. It will also seek to hire more staff.
“We’re incredibly excited to add World Innovation Lab to our growing list of remarkable investors,” said Brew Johnson (pictured), CEO and Co-Founder. “This investment validates our mission and will enable us to continue our growth with the goal of re-shaping real estate finance for the better.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.