DriveWealth raises $450m

Brokerage infrastructure provider DriveWealth has raised $450 million in a Series D funding round at a valuation of $2.85 billion.

The firm, founded in 2012, partners with financial technology companies to create trading platforms that would compete with those provided by eToro or Robinhood.

DriveWealth said it will use the funding for product and service expansion, talent acquisition, and to develop new technology.

The firm said the funding will also be used to launch self-clearing and for strategic acquisitions and partnerships.

The round was led by New York-based venture capital firms Insight Partners and Accel, with significant participation by Greyhound Capital, Softbank Vision Fund 2, and Point72 Ventures.

The round also included a follow-on investment from Fidelity International and several new investors including Base 10, FTX, and FlightDeck.

"The proliferation of digital wallets and democratisation of investing has led to DriveWealth's incredible growth and user adaptation to date, and the company's institutional-grade brokerage execution delivers a seamless process to access equities globally,” said Deven Parekh managing director at Insight Partners. “We look forward to partnering with the company as they continue to expand to meet the needs of today and innovate for the demands of tomorrow's FinTech ecosystem."

    Share Story:

Recent Stories

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.