Digital brokerage solution provider DriveWealth announced on Tuesday it has joined forces with Plaid to enable mutual customers to simplify online investment account funding through one API integration. DriveWealth reported that mutual customers may authenticate their end users’ bank accounts through Plaid and receive tokens, which then enable verification of bank funding sources through DriveWealth’s API.
While sharing more details about the partnership, Bob Cortright, DriveWealth CEO, stated:
“The combination of DriveWealth and Plaid to enable anyone from fintechs and banks to investment advisors and RIAs to quickly and securely add investment capabilities to their current offerings, via a simple API, will give more consumers equal access to investing in the U.S. markets.”
Paul Williamson, Head of Revenue at Plaid, added:
“While wealth management technology has greatly improved over the past decade, there is still too much friction that prevents people from investing their money how they want. Companies like DriveWealth are changing that and this partnership combines the power of Plaid with DriveWealth to make digital investing experiences even easier.”
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.