DriveWealth closes $21m Series B funding round

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fintech insurtech wealthtech regtech ai cybertech esg news

Financial services API developer DriveWealth Holdings has closed its Series B funding round on $21m.

Raptor Group Holdings, SBI Holdings, and Point72 Ventures led the investment, with participation from existing investor Route 66 Ventures.

DriveWealth designs and develops a selection of APIs to help wealth management and digital brokerage providers develop their own investing solutions. The cloud-based solutions offer scaling and pricing capabilities to help online brokers, digital advisors and mobile financial services companies access the US securities market.

The available API’s also enable businesses to add native investment experiences to their own applications, including real-time dollar-based investing. Wealth managers and digital brokers can also use DriveWealth to onboard their global customer base and offer their clients access to a selection of unique funding options such as wire transfers and ACH.

Point72 Ventures head of FinTech investments Pete Casella said, “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.”

Credit Suisse served as the placement agent for DriveWealth during the series.

With the Series B investment, DriveWealth has raised a total of $29.4m in funding. Its Series A was a $4.4m investment in 2015 with Route 66 Ventures leading the contribution.

SBI has been fairly active in the Fintech space this year with this being its third deal. Earlier in the year, the firm made an undisclosed investment in to personal finance platform Movencorp.

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