DriveWealth, LLC, a Chatam, N.J.-based global digital trading technology company, raised $56.7m in Series C funding.
The round was led by Point72 Ventures, with participation from Raptor Group, SBI Holdings, Inc. and Route 66 Ventures and new investors — Mouro Capital and Fidelity International Strategic Ventures.
The company intends to use the funds to strengthen its current technology stack, make strategic acquisitions, and grow the organization to scale its business.
DriveWealth has also added new members to its Board of Directors: Peter Monaco from Raptor Group, Pat Wilson from Route 66, Yukiko Roberts from SBI, and Donato Cuttone from Cuttone & Company.
Led by Founder and CEO Bob Cortright, DriveWealth is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform. The company delivers access to the U.S. securities markets along with a line of digital products that power both emerging and established financial companies.
DriveWealth currently works with a number of fintechs including Hatch, Revolut, Stake, and Moneylion to offer access to the U.S. equities market to millions of retail investors in 153 countries. In the last 12 months, the company has expanded into the HSA space and partnered with Access Softek to bring its offering to community banks and credit unions.
DriveWealth closed its Series B funding round, which totaled $21 million, in April of 2018. The company has received a total of $100.8M in funding to date.