SoftBank-backed DriveWealth has raised $450 million in contemporary capital as a part of a late-stage financing spherical co-led by personal fairness and enterprise capital agency Perception Companions and Accel, valuing the fintech agency at $2.85 billion.
The Sequence D funding spherical additionally contains investments from Greyhound Capital, SoftBank Imaginative and prescient Fund, and billionaire investor Steve Cohen’s Point72 Ventures, DriveWealth stated on Friday.
Based in 2012, DriveWealth affords expertise that enables firms to supply fractional trading companies. So-called fractional shares are provided by many brokerages, letting buyers purchase a slice of a share as an alternative of the entire thing.
The buying and selling frenzy centered on GameStop Corp and different “meme” shares is sparking a wave of investor curiosity in start-ups aiming to imitate the success of Robinhood Markets Inc , whose no-fee brokerage app has helped drive a buying and selling increase.
Buyers additionally see alternative within the infrastructure behind the buying and selling apps, powered by firms akin to DriveWealth.
“We’re within the early innings of a worldwide retail investing revolution,” stated Bob Cortright, founder and Chief Government Officer of DriveWealth.
DriveWealth’s newest funding spherical additionally included a follow-on funding from Constancy Worldwide and a number of other new buyers together with Base 10, FTX, and FlightDeck.
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