One of the best known US robo advisors will allow its customers to see PeerStreet's data into its dashboard.
PeerStreet – the marketplace for investing in US real estate loans – is integrating its proposition with leading robo advisor Betterment.
Launched back in October 2015, PeerStreet partners with existing originators in the property lending market It does not originate loans itself, instead it provides a secondary market for private lenders.
Betterment, launched in 2008, was one of the first robo-advisors and now has about $5bn of assets under management due in part to its popularity with millennials.
According to a report by Pew Research Center, millennials are now the largest generational labour segment, making them the largest investor group
Customers of both Betterment and PeerStreet can now view their PeerStreet positions within their investment portfolio on the Betterment dashboard, raising the spectre of further consolidation between online wealth managers – or robo advisors – and marketplace lenders. The tie up is powered by Quovo which integrates consumer financial data.
“At PeerStreet, we’re committed to providing more access, transparency and control for our customers. We’re continually working to improve the investor experience, even when it means integrating with other financial services,” said Alex Perelman, co-founder and CTO of PeerStreet.
“There is an incredible ecosystem of investment platforms that are now available and by integrating, we’re able to provide our customers with a more comprehensive and transparent view into their overall portfolio.”
PeerStreet is seeing strong growth according to the firm’s spokesman, especially rapidly following the announcement of a $15m Series A round in November last year, led by venture capital firm Andreessen Horowitz.