US-based fintech developer DriveWealth has obtained $21m in series B funding from a consortium co-led by financial services firm SBI Holdings, investment firm Raptor Group and VC firm Point72 Ventures.
Route 66 Ventures also returned for the round, after previously supplying an undisclosed amount in series A capital in 2015. DriveWealth raised a total of $5.6m in equity, debt and convertible notes in between 2013 and 2015, according to regulatory filings.
DriveWealth runs a cloud-based platform that allows financial services providers, such as online brokers, digital advisors and mobile online financial services firms, to access the US securities market.
Clients of DriveWealth can integrate the technology into their own offering to deliver native investment products to their customers.
Yoshitaka Kitao, chairman of SBI, said: “As a pioneer of internet-based financial services, we are excited to add DriveWealth to the world’s first financial ecosystem that SBI has now expanded from Japan to worldwide.”
Robert Cortright, chief executive of DriveWealth, said: “We are thrilled to partner with SBI Group, Japan’s leading provider of internet financial services and two leading venture investing firms, with significant financial technology experience and expertise.
“At DriveWealth, our mission is to provide global partners low cost, frictionless access to wealth building products through our modern infrastructure.
“Our solutions provide our partners native integration into their customer facing, mobile applications and reimagine investing for the clients they serve. We are pleased that our series B investors share this vision and look forward to a long-term, collaborative partnership.”