DriveWealth provides an API-based white-label infrastructure platform for FinTechs to access the US securities market and build FinTechs. The platform can be used by online stock brokers, digital advisors, and mobile online financial service companies to embed investment experiences on their mobile apps to serve retail investors. It runs on the company’s patent-pending “Fracker” technology, which is cloud-based and provides the ability to invest in real-time fractional shares on a dollar equivalent basis.
In February 2022, the company announced plans to offer cryptocurrency trading access to partners and retail investors. The roll-out was to take place through the launch of two subsidiaries, DriveLiquidity and DriveDigital, together with the acquisition of the crypto firm, Crypto-Systems.
As of May 2022, DriveWealth powered over 100 customers including Block, Revolut, GBM, and Navy Federal, which provided millions of retail investors in over 150 countries access to the US securities markets. It also partnered with Access Softek in 2020 to bring its offering to community banks and credit unions.
Drivewealth’s revenue and number of customers reportedly rose 100% YoY in 2021, as international business grew 140% YoY. The company has also expanded its senior management team with several C-level hires in April/May 2022, including Terry Angelos (CEO) , Gayathri Rajan (CPO), and Harshal Deo (CTO).
DriveWealth raised USD 450 million in a Series D funding round in August 2021 , co-led by Insight Partners and Accel, at a USD 2.85 billion valuation. The round came less than a year after the company raised USD 56.7 million in Series C funding in October 2020. The newly raised funds were earmarked for product and service expansions, recruitment, and technology innovations, as well as in launching self-clearing while entering strategic acquisitions and partnerships.
Following the funding, Drivewealth partnered with two Latin American investment platforms, Grupo Bursátil Mexicano (GBM) and Racional, to improve access to the US stock markets for Mexican and Chilean investors, respectively. It also partnered with Chipper Cash to offer US stock market access to Ugandan investors.
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