US-based brokerage DriveWealth has secured a $56.7m Series C funding round, taking its total raised to date to $100.8m.
The latest funding round was led by existing investors Point 72 Ventures, Raptor Group and SBI Holdings, and new investors Fidelity International Strategic Ventures and Santander’s fintech investment fund Mouro Capital.
Alokik Advani, managing partner at Fidelity International Strategic Ventures, said: “We are excited to support DriveWealth in its dominance of brokerage as an embedded finance capability for both fintechs and incumbents alike.”
“We believe that the company is well-positioned to further expand both its product offerings and partnerships and increase access to investment opportunities for people around the world.”
The API-based brokerage specialises in global digital trading technology and plans to use the funds to bolster its current technology offering, make strategic acquisitions and grow and scale its business.
According to its founder and CEO, Bob Cortright, DriveWealth experienced a 33 per cent increase in account opening in Q2 2020, more than its three biggest competitors combined.
Matt Ford, partner at Mouro Capital said: “Brokerage is a complex, heavily regulated industry that has historically been hindered by legacy technology and product constraints. But a new generation of investors are expecting something different and better, and we believe DriveWealth will be the infrastructure that helps enable this globally.”
“They have a unique, brilliant combination of deep brokerage experience and a high-quality developer-first platform which is powering some of the fastest-growing investment propositions around the world.”
As well as raising fresh capital, the fintech also added four new members to its board, Peter Monaco from Raptor Group, Pat Wilson from Route 66, Yukiko Roberts from SBI, and Donato Cuttone from Cuttone & Company.