Chatham, New Jersey-based embedded finance and digital trading technology startup DriveWealth has announced its latest bumper Series D funding round.
The company offers a cloud-based brokerage infrastructure API, integrating with digital wallets and brokerage apps and serving as trading provider to the likes of Revolut.
The company’s latest $450mn Series D round was led by Insight Partners and Accel, alongside Greyhound Capital, Softbank Vision Fund 2, Point72 Ventures, Fidelity International, Base 10, FTX, and FlightDeck. The round valued the company at $2.85bn, cementing its unicorn status.
“We are in the early innings of a worldwide retail investing revolution,” said Bob Cortright, founder and CEO of DriveWealth. “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.”
The company said it would use the funds to expand its products, recruit talent, and enable strategic acquisitions.
“The proliferation of digital wallets and democratisation of investing has led to DriveWealth’s incredible growth and user adaptation to date, and the company’s institutional-grade brokerage execution delivers a seamless process to access equities globally. We look forward to partnering with the company as they continue to expand to meet the needs of today, and innovate for the demands of tomorrow’s fintech ecosystem,” said Deven Parekh, Insight Partners.
DriveWealth’s investment platform allows access to the US securities market as well as other digital products for financial companies. Centred around the investing experience, the company said it wants to democratise investing by offering easier access to markets for investors.
“The increasing demand for financial services has left fintech companies eager to expand their products and drive engagement,” said Matt Weigand, Accel. “With DriveWealth’s unique combination of brokerage experts and technology, fintechs can get to market quickly and scale.”
