DriveWealth Holdings, a fractional trading and embedded finance platform, has collected $450m in its Series D round, putting its valuation at $2.85bn.
New York-based private equity firms Insight Partners and Accel co-led the round, with “significant” commitments also coming from Greyhound Capital, Softbank Vision Fund and Point72 Ventures.
Other backers included existing backer Fidelity International Strategic Ventures and first-time investors Base 10, FTX, and FlightDeck.
This equity injection will be used to bolster its product and service expansion, hire more staff, and deepen the capabilities of its technology. Funds will also be used to launch self-clearing services and support the execution through strategic acquisitions and partnerships.
DriveWealth was created to democratise investing around the world through API-based brokerage infrastructure that helps businesses easily integrate investing services. Through the technology, clients can offer access to US markets, with investing starting at as little as $1.
DriveWealth founder and CEO Bob Cortright said, “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.”
The company previously raised $56.7m in its Series C funding round in October 2020.
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