Transaction Details

August 19, 2021
San Francisco

Sector

Technology, Financial Technology and Services

Deal Type

Capital raise / fund raise

Deal Team

Todd Carter, Marcus Anthony, Marshall Senk, Kirk Bloede, Wyatt Sharpe, Lizzie Cooperstone, Nathan Barba

GCA advises DriveWealth on its USD 450m Series D Financing, valuing the company at USD 2.85 billion

GCA acted as exclusive financial advisor to DriveWealth, an industry leader in FinTech and pioneer in embedded finance, who has raised USD 450m of capital, valuing the company at USD 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.

DriveWealth’s mission is to democratise 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 US markets, and the ability to begin investing with as little as USD 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.

Bob Cortright, Founder and CEO of DriveWealth, said: “We are in the early innings of a worldwide retail investing revolution. 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.”

Deven Parekh from Insight Partners added: “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. 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.”

Matt Weigand from Accel also said: “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.”

Ines Verschueren from Greyhound Capital added: “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 democratise investing globally.”

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