DriveWealth raises $450m

Brokerage infrastructure provider DriveWealth has raised $450 million in a Series D funding round at a valuation of $2.85 billion.

The firm, founded in 2012, partners with financial technology companies to create trading platforms that would compete with those provided by eToro or Robinhood.

DriveWealth said it will use the funding for product and service expansion, talent acquisition, and to develop new technology.

The firm said the funding will also be used to launch self-clearing and for strategic acquisitions and partnerships.

The round was led by New York-based venture capital firms Insight Partners and Accel, with significant participation by Greyhound Capital, Softbank Vision Fund 2, and Point72 Ventures.

The round also included a follow-on investment from Fidelity International and several new investors including Base 10, FTX, and FlightDeck.

"The proliferation of digital wallets and democratisation of investing has led to DriveWealth's incredible growth and user adaptation to date, and the company's institutional-grade brokerage execution delivers a seamless process to access equities globally,” said Deven Parekh managing director at Insight Partners. “We look forward to partnering with the company as they continue to expand to meet the needs of today and innovate for the demands of tomorrow's FinTech ecosystem."

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