Internet and telecommunication group Softbank’s Vision Fund 2, cryptocurrency derivatives exchange FTX and financial services firm Citi have invested in a $450m series D round for US-based digital trading technology provider DriveWealth.
Private equity and venture capital firm Insight Partners and VC firm Accel co-led the round, while financial services and investment group Fidelity International, Greyhound Capital, Point72 Ventures, Base 10 and FlightDeck also took part.
Citi participated through its corporate venture capital arm, Citi Ventures, with its involvement revealed by DriveWealth CEO Robert Cortright in a Bloomberg interview.
The round has valued the business $2.85bn and increased its total funding to at least $550m.
Founded in 2012, DriveWealth provides the technology infrastructure that enables financial services businesses to offer fractional trading services.
DriveWealth will use the capital injection to support the expansion of its products and services as well as recruitment activities and technology innovation. It also plans to launch self-clearing services and make strategic acquisitions and partnerships.
DriveWealth picked up $56.7m in its series C round in October 2020, which was led by Point72 Ventures and included Fidelity’s International Strategic Ventures unit as well as financial services firms Raptor Group and SBI Holdings and investment firm Route 66 Ventures.
Point72 Ventures also joined Raptor Group and SBI to co-lead a $21m series B round for the business in 2018 that was backed by existing investors including Route 66 Ventures.
DriveWealth had raised $5.6m between 2013 and 2015, before receiving an additional $4.2m in 2015 from Neuberger Berman Private Equity Funds, Fenway Summer Ventures, SenaHill Partners and Route 66 Ventures.