Visa’s head of crypto and fintech resurfaces as new DriveWealth CEO
After bringing on former Google and PayPal execs, DriveWealth continues stream of new hires, appointing Visa fintech lead as CEO.
Following seven years at Visa leading fintech and crypto, one of the company's top executives is leaving to head up brokerage technology startup DriveWealth.
Terry Angelos has joined the global fintech infrastructure company as CEO starting next week.
He is returning to the role of CEO, having previously led TrialPay, an alternative e-commerce payments system he founded in 2006 that was acquired by Visa in 2015.
Pioneering fractional equities trading, DriveWealth provides the infrastructure that allows consumer finance apps like Revolut and Cash App to offer stock trading.
The fintech unicorn’s API’s are used by more than 100 global fintechs, challenger banks and digital wallets to purchase fractional shares of US equities.
"Today, there are over one billion people who access banking and financial services via digital wallets and neobanks, and digital consumers are increasingly investing in US equities from inside these apps,” Angelos said.
“DriveWealth's APIs and fractional share ownership model is the leading choice to power this digital investment experience.”
According to Juniper Research, digital wallet app users are expected to exceed 4.4 billion by 2025.
Angelos has been brought in to support the company’s growth following a “transformational” year doubling both its customers and revue, 140 per cent growth of its international business and an over 150 per cent increase in headcount in 2021.
His appointment comes off the back of a series of new hires for DriveWealth including Gayathri Rajan as chief product officer after 16 years at Google and Harshal Deo as chief technology officer after 16 years at eBay and PayPal.
Block’s mobile payments service Cash App, which uses DriveWealth to bring affordable investing to its millions of users, has directly witnessed the company’s growth over the past year.
“We recognized early that a partnership with DriveWealth would enable Cash App to simplify investing and expand access for all,” Cash App’s operations lead Jim Esposito said.
“By enabling consumers to buy stocks one dollar at a time, stock brokerage saw significant adoption. Since launch, millions of Cash App actives have invested billions of dollars via DriveWealth APIs.”
Angelos will take over the role from Robert Cortright, DriveWealth’s founder and CEO for almost a decade.
“DriveWealth is on the threshold of its next stage of growth,” he said.
“As I transition to my new role as Executive Chairman, I look forward to working alongside Terry to revolutionize embedded investing worldwide.”