DriveWealth, a fintech company that offers technology to enable companies offer fractional trading services, has raised $450m in Series D.
The funding round was co-led by Insight Partners and Accel. Greyhound Capital, Softbank Vision Fund 2 and Series C lead Point72 Ventures also joined.
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It also includes investment from Fidelity International and new investors including Base 10, FTX and FlightDeck.
As agreed, Insight Partners’ Deven Parekh and Accel’s Matthew Weigand will join DriveWealth’s board.
Future Plans:
DriveWealth offers full-stack of cloud-based and API-driven solutions to enable investments. According to the company, it empowers more than 100 partners around the world.
The company plans to utilise the new proceeds from Series D to bolster its footprint in embedded investing. It will use the funds to support product and service expansion and hire new talents.
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By GlobalDataA portion of the funding will also be used to fuel innovation and to launch self-clearing and accelerate execution through strategic acquisitions and partnerships.
Quotes:
DriveWealth founder and CEO Bob Cortright said: “We are in the early innings of a worldwide retail investing revolution.
“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.”
Parekh said: “The proliferation of digital wallets and democratization of investing has led to DriveWealth’s incredible growth and user adaptation to date, and the company’s institutional-grade brokerage execution delivers a seamless process to access equities globally.
“We look forward to partnering with the company as they continue to expand to meet the needs of today, and innovate for the demands of tomorrow’s fintech ecosystem.”
Last year, INDmoney partnered with DriveWealth to offer US stock investing technology to its clients.
