Today we announced the launch of PeerStreet Pocket, a new investment product allowing investors to earn more interest on their cash. The waitlist for PeerStreet users opens today, with the first investors expected to get access soon.
PeerStreet Pocket was created in response to investor feedback and requests for an alternative to low-yielding banking rates; it is more liquid than other PeerStreet investment products and not directly tied to any given loan. Pocket offers high-yielding interest and monthly liquidity, all with no minimum balances or fees. “We are thrilled to announce the launch of PeerStreet Pocket, which speaks directly to the needs of our investors who would like to make sure every dollar they have on the PeerStreet platform is working for them,” said Brett Crosby, Chief Customer Officer and Co-Founder of PeerStreet.
Money that is invested in Pocket may be used to warehouse loans before they are sold to investors on the PeerStreet marketplace. Historically, traditional banks and financial institutions have been the source of warehouse capital. Now, through Pocket, accredited investors are able to fulfill this function, further leveling the playing field between Wall Street and Main Street.
“PeerStreet is highly focused on innovation and bringing new products to market that create long-term value for our customers. Pocket is a direct response to our customers' request for a liquid, interest yielding alternative to holding cash. This is the next step in our evolution to providing a holistic investment experience on our platform.” said Jeremy Guttenplan, VP of Product at PeerStreet.
PeerStreet Pocket accounts are available to accredited PeerStreet investors, with as little as a $1,000 initial deposit. Investors are able to withdraw funds from this account once a month, which can then be used to invest in PeerStreet’s individual loans or fund offering. PeerStreet Pocket is only available to accredited investors that are signed up for the platform.