DriveWealth, a US-based digital trading technology corporation developing cloud-based, API-driven brokerage infrastructure, has secured US$ 450 million in a Series D funding co-led by Accel and Insight Partners on 20 August 2021.
Investors: The latest funding round featured Accel and Insight Partners as the lead investors with participation from SoftBank Vision Fund, Point 72 Ventures, the lead investor in the previous funding round, Greyhound Capital, Fidelity International, FTX, Base 10 Ventures and Flight Deck Capital. The firm has managed to raise, in total, nearly US$ 550 million to date, is valued at US$ 2.85 billion.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards developing its product, expanding service coverage, recruiting fresh talent, innovating technology to create an advanced, industrial-robust infrastructure in brokerage to bolster the company’s and its collaborators’ future growth. It also intends to utilize the funds for launching self-clearing and increase the pace of implementation through tactical acquisitions and collaborations.
About DriveWealth
Brought to existence in 2012 by Robert Cortright, DriveWealth’s platform empowers over 100 partners across the globe to engage their customers by placing the markets in the palm of their hand. The firm believes that every mobile device must be equipped to offer access to investing and savings products, services, counsel, and support for people spread across different geographies irrespective of age, income class, and level of financial knowledge. It envisages liberating the practice of global investing by forming alliances with corporations to devise an unprecedented way to execute its API-based tech to offer emerging investors a high-tech embedded experience, first-time admittance to U.S. markets, and the aptness to commence their investment journey with a mere US$ 1.
What the Founder has to say: “DriveWealth is in its early days as a global retail investing revolution has begun. We seek to become the preferred industry partner for providing the future embedded investing experience. The new funds and partnerships with new investors will aid in accelerating our worldwide expansion targets, which will be crucial for us to emerge as a world-class, exchange-like tech corporation.”- Robert Cortright, Founder and CEO of DriveWealth.
What the Investors have to say: “The increased use of digital wallets and liberation of investing has been at the foundation of DriveWealth’s exponential growth and consumer adaptation. In addition, the firm offers a flawless system to access equities worldwide. We are exhilarated to join hands with DriveWealth as it pursues to reach and serve users spread worldwide, and develop exceptional products to meet the demands of the future fintech domain.”- Deven Parekh, Managing Director of Insight Partners.
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