DriveWealth, a financial technology platform providing Brokerage-as-a-Service, today announced that the Bank of Lithuania, the central bank of the Republic of Lithuania, granted it a brokerage license in Europe.
This license aims to support DriveWealth’s global expansion efforts and marks its third region with regulatory status, including the US, Singapore, and the European Economic Area.
DriveWealth explains that it powers investing experiences, including 24-hour trading and fractional share ownership, for a community of B2B partners.
Securing this license supports DriveWealth’s ability to expand its platform to offer European securities as well as provide a “follow-the-sun” 24/7 service model continuously “across time zones.”
The entity in Lithuania, DriveWealth Europe, will now be expected to serve as key component of DriveWealth’s operations and European expansion.
DriveWealth has reported sustained growth globally, including through strong partnerships with innovators in Europe, the United Kingdom, Asia, and Oceania.
With this license, DriveWealth explained in the announcement that it now aims to expand its offerings by introducing “additional market-specific products in the future.”
In order to grow its presence in Lithuania and the broader European market, DriveWealth will work closely with Invest Lithuania, the country’s agency that promotes “foreign investment and supports businesses in Lithuania.”
Invest Lithuania works collaboratively with the Bank of Lithuania to foster economic “growth and stability.”
Established back in 2012, DriveWealth’s tech platform allows companies and digital-native firms to provide securities trading to clients in a compliant manner.
The license will enable DriveWealth to support a range of clients and opens up opportunities across European markets.
As covered, DriveWealth is a B2B financial technology platform.
Their business is providing Brokerage-as-a-Service, powering the investing and trading experiences for “digital wallets, broker-dealers, asset managers and consumer brands.”
DriveWealth’s APIs provide partners with a toolkit to develop everything from traditional investment workflows to techniques like “rounding up purchases into fractional share ownership.”
