US-headquartered digital trading technology provider DriveWealth secured $56.7m on Tuesday in a series C round featuring Mouro Capital, the venture capital arm of banking group Santander.
VC fund Point72 Ventures led the round, which included Fidelity International Strategic Ventures, part of investment and financial services and group Fidelity, in addition to financial services firms Raptor Group and SBI Holdings, and investment firm Route 66 Ventures.
DriveWealth provides digital brokerage technology that enables online partners as well as broker-dealers and advisors to embed online investment tools in their existing offerings. The funding will go to strategic acquisitions and technology development.
The company had raised a total of $5.6m between 2013 and 2015 before adding an amount indicated by a securities filing to be $4.2m in the latter year, from Neuberger Berman Private Equity Funds, Fenway Summer Ventures, SenaHill Partners and Route 66 Ventures.
Raptor Group, SBI and Point72 Ventures co-led a $21m series B round for DriveWealth in April 2018 that also featured existing investors including Route 66 Ventures. It said it has now received a total of $100.8m in funding altogether.
Peter Monaco, managing director at Raptor Group, is taking a board seat at DriveWealth in conjunction with the latest round, as is Yukiko Roberts, general manager of overseas business at SBI, Pat Wilson from Route 66 and Donato Cuttone from trading technology provider Cuttone & Company.
