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DriveWealth Holdings, a provider of fractional trading and embedded finance, this week announced a $450 million Series D with a valuation of $2.85 billion, co-led by New York-based global private equity and venture capital investors Insight Partners and Accel, with significant participation by Greyhound Capital, Softbank Vision Fund, and Series C lead Point72 Ventures. The round also included a follow-on investment from Fidelity International Strategic Ventures, plus several new investors including Base 10, FTX, and FlightDeck.
DriveWealth will use the funds to develop its vision for digital wallets and brokerage apps by continuing product and service expansion, hiring, and technology innovation. The funding will also be used to launch self-clearing and accelerate execution via strategic acquisitions and partnerships.
“We are in the early innings of a worldwide retail investing
revolution,” said Bob Cortright, founder and CEO of DriveWealth. “Our goal is for DriveWealth to be the partner of choice to deliver the embedded investing experience of the future. This new capital and investor engagement will accelerate our global expansion plans in order to become the world-class, exchange-like technology company that powers tomorrow’s investing products.”
“The proliferation of digital wallets and democratization 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,” Insight Partners representative Deven Parekh said. “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.”
“The increasing demand for financial services has left fintech companies eager to expand their products and drive engagement,” Accel’s Matt Weigand noted. “With DriveWealth’s unique combination of brokerage experts and technology, fintechs can get to market quickly and scale.”
“Like DriveWealth, we believe that the future of investing is mobile, transactional and fractional, and that the retail revolution, coupled with ever increasing advances in digital wallet technology, will transform the investing landscape and financial services over the next decade,” Greyhound Capital’s Ines Verschueren said.
Parekh and Weigand have joined DriveWealth’s board.
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