DriveWealth Secures US$450 Million Series D, Now Valued at US$2.85 Billionby Fintechnews Switzerland August 23, 2021
DriveWealth, US-based specialist of embedded finance, fractional investing in US equities, and API-driven brokerage infrastructure, announced a US$450 million Series D with a valuation of US$2.85 billion.
The round was co-led by New York-based global private equity and venture capital investor Insight Partners and Accel, with significant participation by Greyhound Capital, Softbank Vision Fund 2, and Series C lead Point72 Ventures.
The round also included a follow-on investment from Fidelity International, plus several new investors including Base 10, FTX, and FlightDeck.
DriveWealth said that it will use the Series D investment to “execute its strategic vision of becoming the category leader of embedded investing across digital wallets and brokerage apps on every continent”.
This raise will fund continued product and service expansion, talent acquisition, and technology innovation to build modern, industrial-strength infrastructure in brokerage to support the firm’s and its partners’ future growth.
Additionally, the funding will also be used to launch self-clearing and accelerate execution via strategic acquisitions and partnerships.
DriveWealth added that it will welcome the strategic support and engagement of two new board members, Deven Parekh from Insight Partners and Matthew Weigand from Accel.
Meanwhile, Tripp Shriner from Point72 Ventures, who led DriveWealth’s Series C round, will continue contributing in his role as board member.
“We are in the early innings of a worldwide retail investing revolution. Our goal is for DriveWealth to be the partner of choice to deliver the embedded investing experience of the future.
This new capital and investor engagement will accelerate our global expansion plans in order to become the world-class, exchange-like technology company that powers tomorrow’s investing products.”
said Bob Cortright, Founder and CEO of DriveWealth.