The recent funding focus on wealthtech increases with this latest round of investment, scoring a significant new injection for DriveWealth.
American wealthtech start-up DriveWealth has today announced it has closed its Series B funding round at $21m. The fundraising was led by Raptor Group Holdings, SBI Holdings and Point 72 Ventures, and included participation from previous backers such as Route 66 Ventures.
DriveWealth offers a suite of APIs, designed to modernise financial services, to its global partners so that they can better access the U.S. securities market. It also provides a technology stack which allows customers to deliver “native investment experiences” – such as real-time currency tracking – on their own mobile applications. Its current partners include online brokers, digital advisors and mobile online financial services companies.
Credit Suisse also acted as an exclusive placement agent to DriveWealth in connection with the transaction.
“We are thrilled to partner with SBI Group, Japan’s leading provider of internet financial services and two leading venture investing firms, with significant financial technology experience and expertise,” said Robert Cortright, CEO of DriveWealth.
“At DriveWealth, our mission is to provide global partners low cost, frictionless access to wealth building products through our modern infrastructure. Our solutions provide our partners native integration into their customer facing, mobile applications and reimagine investing for the clients they serve. We are pleased that our Series B investors share this vision and look forward to a long-term, collaborative partnership.”
The funds are expected to be used to further DriveWealth’s growth, as it develops its technology and scales its business to better serve the next generation of investors worldwide.
Pete Casella, Head of Fintech Investments at Point72 Ventures, added: “We believe the next generation of fintech successes will be enabling technologies that allow seamless access to best of breed financial services. DriveWealth has built a world class tech-driven brokerage stack that allows fintech firms to incorporate a wide range of investments capabilities into their product offerings.”
The UK's oldest and best-loved conference for fintech and alternative finance insiders returns for its sixth iteration at etc.venues. We'll showcase the best of the UK's digital banking, online lending and digital wealth sectors through a series of uniquely in-depth discussions and presentations. Open Banking will be in full flight, just over a year on from its launch, and will be a central theme at the event.