By Aisling Finn on Monday 23 August 2021
DriveWealth’s valuation has also topped $2.85bn, thanks to its latest funding effort.
Like many of us, VCs are riding high on the personal trading boom and pumping cash into whatever they can get their hands on.
DriveWealth enables more than 100 global partners to seamlessly embed investment infrastructure through a financial API, enabling customers to invest without ever leaving their platform.
The fintech’s new funding round, which also saw it hit a valuation of $2.85bn, was co-led by New York-based global private equity and venture capital investors Insight Partners and Accel, with significant participation by Greyhound Capital, Softbank Vision Fund, and Series C lead Point72 Ventures.
“Our goal is for DriveWealth to be the partner of choice to deliver the embedded investing experience of the future,” Bob Cortright, CEO and founder of DriveWealth, said.
“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.”
DriveWealth will use the Series D funding to continue its rapid growth plans and further its mission to become the leader of embedded investing across digital wallets and apps across every continent.
“Like DriveWealth, we believe that the future of investing is mobile, transactional and fractional and that the retail revolution, coupled with ever-increasing advances in digital wallet technology, will transform the investing landscape and financial services over the next decade,” Matt Weigand, partner at Accel, added.
The fresh funding will also be used to grow DriveWealth’s team and expand its current technology to help it realise its growth dreams.
DriveWealth is also planning to use the pot of cash to make a series of strategic acquisitions and partnerships.