DriveWealth

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FOUNDING YEAR: 2012
LOCATION: United States
Last Update: 17/07/2020

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About

DriveWealth provides investment platform and brokerage API solutions, enabling its users to manage their wealth and seek to advise on the required matters. Its APIs allows them to reach their targets on a global scale.

Focus

PRODUCTS & SERVICES

Its product offerings include: 1. Wealth Management and Advisory: It's brokerage platform empowers users to manage and understand their finance and investing basics. It offers real-time dollar-based investing & fractional share allocations. 2. Brokerage services: It offers real-time dollar-based investing & fractional share allocations. It enables users to invest in equities, regardless of stock price or deposit size.

REVENUE MODEL

The main revenue source is through commission fee: This include $2.99 commission per transaction ($4.95 in China)*. There are no monthly minimum fees, or required ongoing minimum account balance. For non-resident aliens, there is a one-time tax verification fee of $5.00 (representing Form W-8BEN pass-through processing cost).

EXISTING PARTNERSHIPS

Wall Street Survivor

StockRadar

CQG

Direct FX

KnowVera

COMMENT

Provide investing and trading platform to access the US market

Traction

VALUATION / MARKET CAP:

$26.7 M in 2015

People

BOARD MEMBERS AND ADVISORS

Robert Cortright

Aric Rosenbaum

Michael Fitzgerald

Mark Grewe.

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Fenway Summer Ventures

Point72 Ventures

Raptor Group

Route 66 Ventures

SBI Group

SBI Holdings

SenaHill Partners

KEY EMPLOYEES:

Robert Cortright (CEO)

Michael J. Dugan (CFO)

Harry Temkin (CIO)

Mark Bulger (CCO)

Barry Mazza

Robert Cortright

Momentum

FUNDED

YES

TOTAL FUNDING

$29.4 M

DATE OF LAST FUNDING

Apr 2018

TOTAL FUNDING COMMENT

The company is planning to use the fund for further positions the company to take a leading role in modernizing the infrastructure for the financial services ecosystem(April 2018).

SEED & PRIOR FUNDING

$4 M

SEED CLOSED ON

Mar 2012

FUNDING SERIES

SERIES A  · $4.4 M  · Apr 2015

SERIES B  · $21 M  · Apr 2018

LISTED

NO

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