NYSE Chief Operating Officer leaves for fintech company DriveWealth

New York Stock Exchange Chief Operating Officer Michael Blaugrund is leaving to run fintech investing company DriveWealth LLC, according to people with knowledge of the matter.

Blaugrund will start as chief executive officer of DriveWealth at the end of July, the people said, asking not to be identified discussing a private matter. He spent the last seven years at NYSE in leadership roles including head of the equities and transactions groups. Blaugrund also worked at competitor exchange firm Nasdaq in transaction services.

DriveWealth’s founder and current CEO Robert Cortright will remain at the company as executive chairman and on the board, the people said.

A representative for DriveWealth confirmed the appointment. A representative for NYSE declined to comment and Blaugrund also declined to comment.

Jersey City, New Jersey-based DriveWealth is a technology platform that fintechs and global companies such as Cash App and Revolut use to access the US markets. The company recently appointed former Morgan Stanley executive Jason Pizzorusso as global chief financial officer. The fintech has raised over $550 million, according to a June 20 statement announcing Pizzorusso’s hire.

NYSE, which is owned by Intercontinental Exchange Inc., is among the largest stock exchanges in the US. Beyond the exchange business, the company offers data, analytics, software and other investor services. The firm is led by President Lynn Martin, who stepped into the role after Stacey Cunningham left the post in early 2022.

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