API-based infrastructure service DriveWealth received a $450 million investment and reached a valuation of $2.85 billion.
Operating as a digital commerce technology company that develops cloud and API-based brokerage infrastructure, DriveWealth has received the mentioned investment in a Series C investment led by Insight Partners and Accel.
Greyhound Capital, Softbank Vision Fund 2, Point72 Ventures, Fidelity International, Base 10, FTX and FlightDeck also participated.
Launched in 2012, DriveWealth is now working with over 100 partners, including Revolut, MoneyLion, and Vested, to provide retail access to the US equity market.
DriveWealth’s mission is to provide emerging investors with first-time access and start investing, often in US markets.
In this context, the company aims to make it easier to invest globally by working with partners to find new ways to use its API-based technology.
“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.”
“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.