Starting in October 2025, DriveWealth Bank Sweep Deposit Program customers’ cash will be automatically swept into a network of multiple FDIC-insured banks, “enabling coverage of up to $1 million per customer — significantly higher than the standard single-bank $250,000 limit.”
This enhancement provides DriveWealth partners with additional protection and value, reflecting their “ongoing commitment to delivering institutional-grade infrastructure.”
It’s a meaningful step forward in “helping partners offer best-in-class financial products that build trust with their end users.”
By expanding coverage, they’re enabling partners to “serve a broader customer base — from first-time investors to high-net-worth individuals — with greater confidence.”
The experience will remain “fully integrated within our platform, requiring no additional operational lift.”
As always, they’re focused on simplifying complexity “behind the scenes so you can focus on building differentiated user experiences.”
This update is part of a broader roadmap “to enhance the safety, scalability, and competitiveness of your offerings.”
As covered, DriveWealth is a global B2B financial technology platform.
Their core 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 modern, extensible and flexible toolkit to develop everything from traditional investment workflows to more innovative techniques like rounding up purchases into fractional share ownership.”
Recently, DriveWealth, a financial technology platform providing Brokerage-as-a-Service, has announced the appointment of Naureen Hassan as Global Chief Executive Officer.
Hassan succeeds Michael Blaugrund, who is stepping down “as CEO to accept a newly created position at ICE (Intercontinental Exchange).”
Hassan joins DriveWealth with “expertise in digital and product innovation, operational excellence and regulatory management across global banking and wealth management.”
She will guide the company’s operations, “lead its continued growth and expansion across markets, and help fulfill DriveWealth’s mission of democratizing investing around the world.”
Prior to DriveWealth, Hassan served “as President of UBS Americas, where she led a $14B revenue division with more than 25,000 employees, while also spearheading UBS’s integration of Credit Suisse in the Americas—the first-ever acquisition between two globally systemically important financial institutions.”
She also worked at the Federal Reserve Bank of New York, “where she drove innovations across payment operations, technology, human resources, risk management, and finance.”
Before joining the Fed, Hassan served “as Chief Digital Officer of Morgan Stanley’s Wealth Management business and drove strategy and platform innovation for Charles Schwab’s Investor Services division.”
She began her career “at McKinsey & Company.”
A provider of Brokerage-as-a-Service and other critical investment infrastructure, DriveWealth operates in markets “across five continents, including the U.S., the EU/UK, South Korea, Australia and New Zealand, and Brazil.”
The company supports an average of “over 2 million trades per day for its B2B partners around the world, facilitating 24-hour trading, fractional share execution and multi-asset class support for individual global investors.”