Digital brokerage solution provider DriveWealth, which notably secured $56.7 million through a Series C funding round in October 2020, is now planning to introduce its API-enabled brokerage technology platform for retail clients. The platform will be launched on the floor of the NYSE, following a deal to acquire institutional broker dealer Cuttone and Company. The financial terms of the transaction have not been shared publicly.
DriveWealth‘s proprietary technology allows banking institutions and Fintech firms to offer real-time access to the US equities market so that investors and traders can engage in fractional share trading.
The Cuttone & Company acquisition is expected to bring DriveWealth’s innovative tech to the floor of the New York Stock Exchange (NYSE). Retail investors across the globe will be able to get direct access to the point of sale for NYSE securities. They’ll be able to take advantage of the same trade execution technology that had only been offered to institutional clients.
Cuttone & Company, which now operates as the Institutional Unit of DriveWealth Holdings, is expected to provide market and regulatory expertise and guidance, along with a growing network of institutional trading partners.
The advantages that will be available on the trading floor will notably include direct access to the point of sale. The new capabilities will also provide the same time and place advantage for access to regulatory and jurisdictional information (which may potentially impact market conditions or lead to trading halts, according to DriveWealth).
Bob Cortright, CEO at DriveWealth, stated:
“These added resources, unprecedented transparency, and the ability to trade directly on the NYSE or across all US equity destinations will open up greater opportunities for the retail investors we serve on our platform.”
As reported in May 2020, DriveWealth had teamed up with AI wealth management platform INDmoney to offer U.S. stock investing technology to INDmoney clients.
As covered in March 2020, DriveWealth had announced its first initiative in the MENA region by partnering with UAE-based Wealthface.