DriveWealth LLC, a global digital technology platform for trading based in Chatham NJ, USA has raised US$ 56.7 billion Series C funding on 27th October 2020.
The funding round
The funding round was led by the venture capital Point72 Ventures with the participation of SBI holdings Inc, Route 66 Ventures, Raptor Group and the new investors Fidelity International Strategic Ventures and Mouro Capital. They are planning to use investment to strengthen the current technology stack, grow the organization and make some strategic acquisitions to expand their business.
With the announcement of funding DriveWealth has also gained a few new members on their Director’s Board. This includes Peter Monaco (Raptor Group), Pat Wilson (Route 66), Yukiko Roberts (SBI) and Donato Cuttone (Cuttone & Company).
The enterprise currently works with several Fintechs like Revolut Stake, Moneylion and Hatch to provide access to the US equity market to the retail investors from 153 countries. In the previous 12 months, DriveWealth has partnered with Access Softech and scaled into HSC space to present its offerings to credit unions and community banks. They closed their series B round of funding at US$ 21 million in 2018 April. They have acquired around US$100.8 million funding till now.
The company is a self clearing and licensed broker which provides digital brokerage services to advisors online partners and broker-dealers globally through their proprietary investment based platform. They offer access to the US security markets with the digital products that empower both established and emerging financial institutions.
About DriveWealth
DriveWealth was founded in 2012 by Robert Cortright and Barry Mazza and is headquartered in the greater New York area. The platform provided by enterprise provides a modern API suite which helps in the creation of innovative financial products. They make the investment in the US stock market easy, affordable and available to everyone worldwide. The platform developed by them is a unique ecosystem powered by licenses that clear share orders. There thousands of clients and partners around the globe have the power to access a stable regulated and liquid financial system. Their journey of providing cement infrastructure began with rethinking the operation of legacy brokers and identifying the efficiencies that hike the transactional cost and complicate the whole process for retail investors. They believe that buying stock should be an easy process and with their brokerage infrastructure driven by API, they have chipped away all the inefficiencies in the traditional brokerage system.
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