Trading technology firm DriveWealth secures $450m Series D funding
Fractional trading and embedded finance firm DriveWealth has secured $450 million in Series D funding, giving the company a new valuation of $2.85 billion.
The latest funding round was led by New York-based Insight Partners and Accel, with participation by Greyhound Capital, Softbank Vision Fund 2, and Series C lead Point72 Ventures.
The round also included a follow-on investment from Fidelity International, plus new investors including Base 10, FTX, and FlightDeck.
New Jersey-based DriveWealth says it will use the latest investment to execute its “vision of becoming the leader of embedded investing across digital wallets and brokerage apps on every continent”.
The funding will support continued product and service expansion, additional hires, and technology innovation. It will also be used to launch self-clearing and accelerate execution via acquisitions and partnerships.
DriveWealth works with partners to provide emerging investors with embedded trading, often giving first-time access to US markets. It provides the ability to begin investing with as little as $1.
Bob Cortright, founder and CEO of DriveWealth, says: “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.”
The company claims institutional-grade brokerage execution that delivers a seamless process to access equities globally. It says its API-led and cloud-based technology is used by more than 100 partners around the world.
As part of the investment, DriveWealth is gaining two new board members, Deven Parekh from Insight Partners and Matthew Weigand from Accel. Tripp Shriner from Point72 Ventures continues as a board member.