Transaction

Transaction Details

Pending
August 19, 2021

Sectors

Financial Technology, Infrastructure Software, AI (Artificial Intelligence)

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GCA Advises DriveWealth on its $450M Series D Financing Valuing the Company at $2.85 Billion

GCA is pleased to announce that our client, DriveWealth, an industry leader in FinTech and pioneer in embedded finance, announced it has raised $450 million of capital valuing the company at $2.85 billion. The Series D round was co-led by Insight Partners and Accel, with significant participation from Greyhound Capital, SoftBank's Vision Fund, and Series C lead Point72 Ventures as well as funding from existing investor Fidelity International Strategic Ventures and new investors Flight Deck Capital, The Base10 Advancement Initiative, Alameda Research, Citi Ventures and Vetamer Capital Management. GCA acted as exclusive financial advisor to DriveWealth.

DriveWealth's mission is to democratize investing globally by working with partners to invent new ways to use its API-based technology to provide emerging investors with cutting-edge embedded experiences, often first-time access to U.S. markets, and the ability to begin investing with as little as $1. DriveWealth is committed to empowering consumers around the world to become owners by delivering the most modern brokerage infrastructure, unparalleled industry expertise, and a culture of continued evolution.

DriveWealth will use the Series D investment to execute its strategic vision of becoming the category leader of embedded investing across digital wallets and brokerage apps on every continent. The raise will fund continued product and service expansion, talent acquisition, and technology innovation to build the most modern, industrial-strength infrastructure in brokerage to support the firm's and its partners' future growth.

“We are in the early innings of a worldwide retail investing revolution,” said Bob Cortright, founder and CEO of DriveWealth. “Our goal is for DriveWealth to be the partner of choice to deliver the embedded investing experience of the future. 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.”

“The proliferation of digital wallets and democratization 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. 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,” said Deven Parekh from Insight Partners.

“The increasing demand for financial services has left FinTech companies eager to expand their products and drive engagement. With DriveWealth’s unique combination of brokerage experts and technology, FinTechs can get to market quickly and scale,” said Matt Weigand from Accel.

“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. We are excited to partner with the team and support their mission to democratize investing globally,” said Ines Verschueren from Greyhound Capital.

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