Digital brokerage solution provider DriveWealth announced on Tuesday it secured $56.7 million through its Series C funding round, which was led by Point72 Ventures with participation from Raptor Group, SBI Holdings, Inc., and Route 66 Ventures, LLC. DriveWealth also revealed it welcomed two new investors, Mouro Capital and Fidelity International Strategic Ventures.
As previously reported, DriveWealth is on a mission to democratize investing in the U.S. stock market by making it available to everyone, globally, at an affordable cost. The company noted is has developed a unique proprietary ecosystem powered by licenses to clear fractional-share orders. DriveWealth further explained that it currently works with a number of fintechs, which includes Hatch, Revolut, Stake, and Moneylion to offer access to the U.S. equities market to millions of retail investors in 153 countries.
“In the last 12 months, DriveWealth has expanded into the HSA space and partnered with Access Softek to bring its offering to community banks and credit unions.”
Speaking about the investment, DriveWealth Founder and CEO, Bob Cortright, stated:
“DriveWealth saw its partners open more accounts in 2Q than E*Trade, Schwab and TD Ameritrade combined, and 3Q saw a 33% increase over 2Q. This type of activity speaks to the power of making it simple for consumers to start investing immediately. The new funding from our great investors will only help us improve our technology capabilities to democratize investing.”
DriveWealth closed its Series B funding round, which totaled $21 million, in April 2018. The company added it has received a total of $100.8 million in funding to date.