DriveWealth, a global trading technology provider, announced a $56.7-million Series C this week to strengthen its technology, make acquisitions and scale its business.
The funding round was led by Point72 Ventures, SBI Holdings, Route 66 Ventures, Mouro Capital and Fidelity International Strategic Ventures.
What Happened: DriveWealth is a holistic platform for the creation of financial products.
As part of a mission to democratize investing in the U.S. stock market by making it available to everyone at low cost, DriveWealth introduced a unique ecosystem powered by licenses to clear fractional share orders.
In scaling access to stable, liquid and regulated financial systems, DriveWealth said its partners opened more accounts than E*Trade, Schwab, and TD Ameritrade combined.
"This type of activity speaks to the power of making it simple for consumers to start investing immediately," Bob Cortright, DriveWealth's founder and CEO, said in a statement.
"The new funding from our great investors will only help us improve our technology capabilities to democratize investing."
The firm’s API-based brokerage infrastructure has enabled partners like Hatch, Revolut, Stake and Moneylion to deliver embedded investment experiences to retail investors in over 150 countries.
"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."
Why It Matters: Overall, the funding round will assist DriveWealth in its next stage of growth, catering to investors reliant on new technologies.
"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."
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