Founded Year

2012

Stage

Series D | Alive

Total Raised

$537.71M

Valuation

$0000 

Last Raised

$450M | 1 yr ago

Revenue

$0000 

Mosaic Score

+50 points in the past 30 days

What is a Mosaic Score?
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

About DriveWealth

DriveWealth is a global brokerage infrastructure that offers investment capabilities and real-time fractional trading through partners. DriveWealth’s suite of embedded finance APIs enables global partners to access the U.S. securities market.

DriveWealth Headquarters Location

15 Exchange Place

Chatham, New Jersey, 07302,

United States

800-461-2680

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DriveWealth's Products & Differentiation

See DriveWealth's products and how their products differentiate from alternatives and competitors

  • DriveWealth Brokerage Platform

    The ONLY cloud-based, API-driven brokerage infrastructure platform providing a complete, turnkey B2B solution. The platform will power everything from customer onboarding to investing and trading, through statements, tax reporting, proxy and prospectus.

    Differentiation

    We are a category of 1 building a low latency multi asset class fractional trading platform co-located with the execution engine. 

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    Differentiation

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

  • Subscribe to see more

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

    Differentiation

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

Expert Collections containing DriveWealth

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

DriveWealth is included in 5 Expert Collections, including Unicorns- Billion Dollar Startups.

U

Unicorns- Billion Dollar Startups

1,180 items

W

Wealth Tech

1,870 items

A category of financial technology that is digitizing & streamlining the delivery of wealth management. Included: Startups that offer technology-enabled tools for active and passive wealth management for retail investors and advisors.

F

Fintech

7,442 items

US-based companies

B

Banking

88 items

The open banking ecosystem is facilitated by three main categories of startups including those focused on banking-as-a-service, core banking, and open banking startups (i.e. data aggregators, 3rd party providers). These are primarily B2B companies, though some are also B2C.

F

Fintech 250

250 items

250 of the top fintech companies transforming financial services

DriveWealth Patents

DriveWealth has filed 1 patent.

The 3 most popular patent topics include:

  • Corporate finance
  • Derivatives (finance)
  • Financial markets
patents chart

Application Date

Grant Date

Title

Related Topics

Status

2/8/2018

Derivatives (finance), Financial markets, Corporate finance, Mathematical finance, Investment

Application

Application Date

2/8/2018

Grant Date

Title

Related Topics

Derivatives (finance), Financial markets, Corporate finance, Mathematical finance, Investment

Status

Application

Latest DriveWealth News

In Fintech, 2022 Is Becoming The Year Of Layoffs

Jul 28, 2022

New!Follow this author to improve your content experience. Got it! Got it! Getty If 2021 was the year of plentiful venture capital and bloated valuations in fintech, 2022 is shaping up as the year of downsizing, with cuts ranging from dramatic and very public layoffs to unannounced staff winnowing. Rising interest rates, worries of an impending recession and an abrupt slowdown in venture investment has caused fintech founders to aggressively reduce expenses. Beyond the big companies that have announced layoffs like Robinhood, Klarna and Coinbase, every corner of the fintech industry is feeling the squeeze, from investment apps and teen digital banks to back-end trading software and insurtech outfits. Many are slashing staff to preserve cash and stay alive, as VCs tell founders they need at least two years’ worth of “runway” to endure a prolonged downturn. Other startups are changing their strategy, and they’re opportunistically shedding workers in some departments while hiring in others. That lets them get closer to profitability and gives them a chance at avoiding a dreaded “down round,” where they raise money at a lower valuation than their prior funding round. Buy-now, pay-later giant Klarna recently raised funding at $6.7 billion, down a stunning 85% from a year ago. Every fintech company seems to be a candidate for layoffs. “If you haven’t done it, you’re going to have to do one,” says one fintech CEO who reduced staff earlier this year. Stephanie Choo, a general partner at fintech-focused VC firm Portage, says, “Almost every late-stage company that I know of is either doing layoffs or going to.” Five members of Forbes’ Fintech 50 list , released in early June, appear to be cutting staff. Through LinkedIn research and speaking directly with companies and industry insiders, Forbes identified nine fintech businesses that have apparently shrunk their labor forces recently without any announcement or public reporting of their downsizing. Of the nine, iTrustCapital, Stash and Synctera confirmed the staff cuts to Forbes. GoodLeap confirmed a small number of cuts in its mortgage business but said it’s actively hiring and expects headcount to grow 16% this year. Five other companies we identified as having previously unreported employee contraction–Clearco, DriveWealth, M1, PointCard and Step–didn’t respond to our requests for comment. Some unconfirmed reductions may be due to attrition rather than layoffs, but LinkedIn data typically understates the number of dismissed employees. P ersonal finance startups and digital banks are among the hardest hit so far. In late June, investing app Stash dismissed 8% of its staff, according to a spokesperson, or an estimated 40 people. The cuts centered around Stash’s brand marketing team. Los Angeles digital bank Albert had 300 total employees as of this spring, but two months ago, it “reduced the size of our workforce in order to operate efficiently and grow sustainably,” a spokesperson tells Forbes. At least 20 of Albert’s workers were let go, according to one media report . Varo, a San Francisco digital bank that spent $100 million to get a banking charter, laid off 10% of employees , or 75 people, earlier this month. LinkedIn data reveals other digital banks have made big reductions. Chicago-based M1, which lets customers invest, use a debit card and borrow money, has seen its headcount contract from 369 people in June to 349 today. Teen-focused neobank Step went from a peak of 152 in March to 135 today. Rewards-based debit card startup PointCard has gone from 105 employees in January to 61. Earlier this week, PointCard announced that it’s shutting down its first product, the Neon debit card. It’s still working on building a “spending platform for the next generation of high-spenders,” according to a blog post . PointCard, M1 and Step didn’t respond to Forbes’ requests for comment. Beyond consumer-facing digital banks, back-end tech providers have been shrinking their ranks. New Jersey-based DriveWealth, whose technology is used by Cash App to let customers buy “fractional shares” or as little as $1 worth of stock, has seen its employee base fall from 298 to 292 over the past month, according to LinkedIn. DriveWealth didn’t respond to multiple requests for comment. Synctera, a “banking-as-a-service” software startup that helps other fintechs launch banking features, has 112 employees today, compared with 129 in February. “In early Q1, we restructured select teams to better align with current business and growth objectives,” a spokesperson says. During the first week of May, Vise, a New York startup that uses artificial intelligence to create stock portfolios for investment advisors, laid off 20% of its staff, or about 20 people. Vise has shifted to a smaller sales team, CEO Samir Vasavada told Forbes in an email. Clearco, a Toronto fintech that funds ecommerce companies through revenue-sharing agreements, saw its employee count on LinkedIn fall from 618 in May to 582 today. A spokesperson declined to comment. GoodLeap, a company valued at $12 billion last year that lends money to consumers for green home improvements, recently laid off 30 people, about 2% of its workforce. Spokesperson Jesse Comart says the company plans to grow its employee base significantly this year. “GoodLeap is profitable, debt free, and extremely healthy,” he adds. Signs of layoffs often don’t appear in LinkedIn for weeks, since employees aren’t inclined to remove a company from their profile–and basically announce they’ve lost their job–immediately after being let go and before they’ve found another position. And LinkedIn’s numbers usually underestimate the scale of the cuts, especially in the near term. For instance, identity verification company Socure dismissed 69 employees in mid-June, and LinkedIn shows a dip of just 20 people from May to June. Stash laid off roughly 40 people a month ago, but LinkedIn currently reflects a drop of just eight workers from June to July. With bitcoin’s price down 50% this year and some digital asset lenders going bankrupt, crypto companies have been among the most beaten-down. In addition to much larger companies like Coinbase, OpenSea, Gemini and Blockchain.com that have dismissed many workers, crypto retirement account company iTrustCapital let go of 15 people, or 15% of its staff, a couple weeks ago. “The recent layoffs eliminated redundancies in business functions that were brought on by current market conditions and a shift in growth plans,” a spokesperson says. Not surprisingly, some fintechs involved in home buying–caught off guard by rising interest rates–are laying off workers. A week ago, FlyHomes, a platform that lets users buy and sell homes, cut 20% of its workers, or an estimated 200 employees. But insurers have had cuts too. Life insurer Ethos and small business insurer Next recently reduced staff, with Next letting go of 17% of its workforce, likely more than 150 people. Some of the largest private fintech companies have avoided cuts so far. Spokespeople from Stripe, Chime, Plaid and Ramp said they haven’t done layoffs and have no plans to. Brex declined to comment, but LinkedIn data shows its headcount is growing steadily. Follow me on  Twitter  or  LinkedIn . Check out my  website . Send me a secure  tip .

DriveWealth Web Traffic

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Page Views per Million (PVPM)
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  • When was DriveWealth founded?

    DriveWealth was founded in 2012.

  • Where is DriveWealth's headquarters?

    DriveWealth's headquarters is located at 15 Exchange Place, Chatham.

  • What is DriveWealth's latest funding round?

    DriveWealth's latest funding round is Series D.

  • How much did DriveWealth raise?

    DriveWealth raised a total of $537.71M.

  • Who are the investors of DriveWealth?

    Investors of DriveWealth include Point72 Ventures, Fidelity International Strategic Ventures, Flight Deck, FTX, Base10 Partners and 10 more.

  • Who are DriveWealth's competitors?

    Competitors of DriveWealth include Stockal and 5 more.

  • What products does DriveWealth offer?

    DriveWealth's products include DriveWealth Brokerage Platform and 2 more.

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