CHATHAM, N.J.--(BUSINESS WIRE)--DriveWealth, LLC, a U.S.-based leader in global digital trading technology, today announced a $56.7 million Series C round to strengthen its current technology stack, make strategic acquisitions, and grow the organization to scale its business.
The round was led by Point72 Ventures, LLC, a current investor, with participating investment from Raptor Group, SBI Holdings, Inc. and Route 66 Ventures, LLC. DriveWealth also welcomed two new investors — Mouro Capital and Fidelity International Strategic Ventures.
DriveWealth has also added new members to its Board of Directors: Peter Monaco from Raptor Group, Pat Wilson from Route 66, Yukiko Roberts from SBI, and Donato Cuttone from Cuttone & Company.
“DriveWealth saw its partners open more accounts in 2Q than E*Trade, Schwab and TD Ameritrade combined, and 3Q saw a 33% increase over 2Q,” said DriveWealth Founder and CEO Bob Cortright. “This type of activity speaks to the power of making it simple for consumers to start investing immediately. The new funding from our great investors will only help us improve our technology capabilities to democratize investing.”
DriveWealth’s API-based brokerage infrastructure is designed to modernize financial services for the digital age. DriveWealth’s technology allows its partners to deliver embedded investment experiences — including DriveWealth’s real time dollar-based investing capabilities — directly on their own mobile applications. The company enables global partners, including online brokers, digital advisors and mobile online financial services companies, to seamlessly access the U.S. securities market.
DriveWealth currently works with a number of fintechs including Hatch, Revolut, Stake, and Moneylion to offer access to the U.S. equities market to millions of retail investors in 153 countries. In the last 12 months, DriveWealth has expanded into the HSA space and partnered with Access Softek to bring its offering to community banks and credit unions.
“We are excited to support DriveWealth in its dominance of brokerage as an embedded finance capability for both fintechs and incumbents alike,” said Alokik Advani, Managing Partner at Fidelity International Strategic Ventures. “We believe that the company is well-positioned to further expand both its product offerings and partnerships and increase access to investment opportunities for people around the world.”
Matt Ford, Partner at Mouro Capital said: “We’re really proud to be backing Bob and the DriveWealth team on the next stage of their growth journey. Brokerage is a complex, heavily regulated industry that has historically been hindered by legacy technology and product constraints. But a new generation of investors are expecting something different and better, and we believe DriveWealth will be the infrastructure that helps enable this globally. They have a unique, brilliant combination of deep brokerage experience and a high-quality developer-first platform which is powering some of the fastest growing investment propositions around the world.”
“As incumbent and new financial services providers look to offer new products and better serve their customers, companies like DriveWealth will play a critical role in supplying the infrastructure that these firms need to innovate,” said Tripp Shriner, Partner at Point72 Ventures. “We’re excited to continue to support DriveWealth in their efforts to help give more consumers access to investing tools.”
DriveWealth closed its Series B funding round, which totaled $21 million, in April of 2018. The company has received a total of $100.8M in funding to date.
About DriveWealth
DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC. DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform. DriveWealth, LLC delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com.
