DriveWealth, a provider of API-based brokerage technology that provides real-time access to the US equities market through fractional share trading, has raised $56.7 million Series C funding.
The round was led by Point72 Ventures, a current investor, with participating investment from Raptor Group, SBI Holdings, and Route 66 Ventures. DriveWealth also welcomed two new investors — Mouro Capital and Fidelity International Strategic Ventures.
DriveWealth currently works with a number of fintechs including Hatch, Revolut, Stake, and Moneylion to offer retail access to the US equities market. In the last 12 months, it has also expanded into the HSA space and partnered with Access Softek to bring its offering to community banks and credit unions.
DriveWealth founder and CEO Bob Cortright says the new capital will be used to strengthen its current technology stack, make strategic acquisitions, and grow the organization to scale its business.
“DriveWealth saw its partners open more accounts in 2Q than E*Trade, Schwab and TD Ameritrade combined, and 3Q saw a 33% increase over 2Q,” he says . “This type of activity speaks to the power of making it simple for consumers to start investing immediately. The new funding from our great investors will only help us improve our technology capabilities to democratise investing.”