DriveWealth LLC, a digital trading technology company based in Chatham, has raised $56.7 million in Series C funding, it announced this week.
The company said in a news release that it will use the capital to strengthen its current technology, make acquisitions and grow the organization. The round was led by Point72 Ventures LLC, a current investor, and included Raptor Group, SBI Holdings Inc. and Route 66 Ventures LLC, as well as two new investors, Mouro Capital and Fidelity International Strategic Ventures.
As part of the investment, DriveWealth added four new members to its board, one each from Raptor, Route 66, SBI and Cuttone & Co.
“DriveWealth saw its partners open more accounts in (the second quarter) than E*Trade, Schwab and TD Ameritrade combined, and (the third quarter) saw a 33% increase over 2Q,” founder and CEO Bob Cortright said in a prepared statement. “This type of activity speaks to the power of making it simple for consumers to start investing immediately. The new funding from our great investors will only help us improve our technology capabilities to democratize investing.”
DriveWealth works with multiple fintechs to offer access to the U.S. equities market to millions of retail investors around the world, it said. It has raised a total of $100.8 million in funding to date, it said.