DriveWealth Holdings, Inc., a Chatam, N.J.-based fractional trading and embedded finance company, raised $450m in Series D funding, at a valuation of $2.85 billion.
The round was co-led by Insight Partners and Accel, with participation from Greyhound Capital, Softbank Vision Fund, Point72 Ventures, Fidelity International, Base 10, FTX, and FlightDeck. In conjunction with the funding, Deven Parekh from Insight Partners and Matthew Weigand from Accel, joined DriveWealth’s board,
The company intends to use the funds for continued product and service expansion, talent acquisition, and technology innovation, as well as to launch self-clearing and accelerate execution via strategic acquisitions and partnerships.
Led by Bob Cortright, founder and CEO, DriveWealth is a pioneer of fractional equities trading and embedded investing to more than 100 partners around the world to engage their customers by making markets available via mobile. DriveWealth’s consultative support and cloud-based, industrial strength technology platform allow partners to offer branded investing experiences to drive customer acquisition, loyalty, retention, and revenue growth.