DriveWealth Raises $450 Million at $2.85 Billion Valuation

After recently receiving $450 million in funding, digital trading and brokerage company DriveWealth is now worth $2.85 billion. The investment brings the company’s total funding to $551 million.

The Series D round was co-led by Insight Partners and Accel and included a follow-on investment from Fidelity International Strategic Ventures, Base 10, FTX, and FlightDeck. Greyhound Capital, Softbank Vision Fund, and Point72 Ventures also participated.

The New Jersey-based company will use the new funds to become the forefront of embedded investing technology for global digital wallets and brokerages. Specifically, the investment will help DriveWealth hire new employees, make acquisitions, and form partnerships. The funds will also be crucial for the company as it seeks to expand its products and services, including launching a self-clearing product.

“We are in the early innings of a worldwide retail investing revolution,” said company Founder and CEO Bob Cortright. “Our goal is for DriveWealth to be the partner of choice to deliver the embedded investing experience of the future. This new capital and investor engagement will accelerate our global expansion plans in order to become the world-class, exchange-like technology company that powers tomorrow’s investing products.”

Julie Coin and Robert Cortright founded DriveWealth in 2012 with the goal to democratize investing across the globe. Via its API, the fintech helps companies make investing friendly for inexperienced investors with fractional trading, enabling users to begin investing with as little as $1. DriveWealth’s API also allows clients to provide non-U.S. citizens with access to U.S. markets.

DriveWealth’s clients include Revolut, Hatch, MoneyLion, and Sharesies. Through partnerships like these, the company’s technology reaches investors in 153 countries.

Photo by M. B. M. on Unsplash

Source: https://finovate.com/drivewealth-raises-450-million-at-2-85-billion-valuation/