New Funding Drives DriveWealth To $2.8B Valuation

Mobile Investing

The global brokerage firm DriveWealth has wrapped a $450 million Series D, valuing the firm at $2.85 billion.

The Chatham, New Jersey-based company said on Friday (Aug. 20) that it would use the funding to “execute its strategic vision of becoming the category leader of embedded investing across digital wallets and brokerage apps on every continent.”

The money will be used to fund product and service expansion, to acquire new talent and technological innovation, and to “launch self-clearing and accelerate execution via strategic acquisitions and partnerships,” the company stated.

DriveWealth says its mission is to “democratize” investment opportunities around the world, giving customers first-time access to U.S. markets and the ability to start investing with as little as $1.

Earlier this year, the company announced a partnership with the financial data network Plaid, designed to provide customers of both companies with simplified investment account funding.

Learn more: DriveWealth Partners With Plaid For Frictionless Investing

The partnership lets DriveWealth and Plaid customers authenticate their end users’ bank accounts using Plaid and obtain tokens that provide speedy and secure bank funding source verification through the DriveWealth API. This boosts the success rate for the Automated Clearing House, gives increased visibility to transfers and protects customer information.

“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 Series D funding round was led by the New York-based global private equity and venture capital investors Insight Partners and Accel, along with Greyhound Capital, SoftBank Vision Fund and Series C lead Point72 Ventures. Returning investors included Fidelity International, as well as several new investors including Base 10, FTX and FlightDeck.