ALT, a modern investment platform, closed $200 million in debt financing led by Atalaya Capital Management. The new funding comes on the heels of ALT’s introduction of ALT Advance, a lending product that lets investors borrow cash against their vaulted assets without having to sell them. ALT Advance provides liquidity against graded collectibles such as trading cards, watches and sneakers, giving them a similar utility that is also afforded to traditional assets.
“ALT has been able to transform its best in class data and vaulting infrastructure into a first of its kind productized lending solution for graded collectibles,” Mark Ricciardi, head of lending at ALT, said. ALT Advance is a revolutionary product that gives borrowers access to near-immediate liquidity in a flexible fashion, at affordable rates. Soon, ALT will be extending its lending solution into other areas such as venture-backed equity interests as we pursue our goal of unlocking the value of high-quality alternative assets.”
“I’m proud to have a front row seat for what ALT is creating,” Alexis Ohanian, investor and advisor at ALT, said. “ALT’s partnership with Atalaya for ALT Advance is a major milestone and innovation for ALT’s customers and for the alternative assets industry overall. This launch is proof that ALT is living their mission to transform investing by unlocking the value of alternative assets.”
“ALT’s team has taken a novel approach to extending the reach of financial services,” Brian Moore, a principal at Atalaya, said. “Atalaya’s financial assets practice is well-aligned with this goal. We are excited to be associated with ALT and look forward to helping them continue to grow and flourish.”
