Digital Brokerage Resolution Supplier DriveWealth Secures $56.7 Million By Collection C Funding Spherical Led By Level72 Ventures

Digital brokerage answer supplier DriveWealth introduced on Tuesday it secured $56.7 million by its Collection C funding spherical, which was led by Level72 Ventures with participation from Raptor Group, SBI Holdings, Inc., and Route 66 Ventures, LLC. DriveWealth additionally revealed it welcomed two new traders, Mouro Capital and Constancy Worldwide Strategic Ventures.

As beforehand reported, DriveWealth is on a mission to democratize investing within the U.S. inventory market by making it out there to everybody, globally, at an inexpensive price. The corporate famous is has developed a singular proprietary ecosystem powered by licenses to clear fractional-share orders. DriveWealth additional defined that it at present works with quite a lot of fintechs, which incorporates Hatch, Revolut, Stake, and Moneylion to supply entry to the U.S. equities market to thousands and thousands of retail traders in 153 nations.

“Within the final 12 months, DriveWealth has expanded into the HSA house and partnered with Entry Softek to carry its providing to group banks and credit score unions.”

Talking concerning the funding, DriveWealth Founder and CEO, Bob Cortright, said:

“DriveWealth noticed its companions open extra accounts in 2Q than E*Commerce, Schwab and TD Ameritrade mixed, and 3Q noticed a 33% improve over 2Q. One of these exercise speaks to the ability of creating it easy for shoppers to begin investing instantly. The brand new funding from our nice traders will solely assist us enhance our know-how capabilities to democratize investing.”

DriveWealth closed its Collection B funding spherical, which totaled $21 million, in April 2018. The corporate added it has acquired a complete of $100.eight million in funding up to now.