See the 13-page pitch deck that DriveWealth, a fintech that powers trading and investing apps, used to nab $57 million from investors like Point72 Ventures
- DriveWealth, a startup that builds technology allowing firms to offer financial services like stock-trading and do-it-yourself investing, said raised its Series C round of funding in October.
- Point72 Ventures, an existing investor, led the $56.7 million round and new investors Mouro Capital and Fidelity International Strategic Ventures participated in DriveWealth's latest funding.
- DriveWealth provided Business Insider the pitch deck it used to raise that round, which we have produced below (the firm withheld some details from the deck, like financials).
- The New Jersey-based fintech's latest cash infusion comes as investors have flocked to wealth management- and brokerage-technology startups trying to make investing easy for the retail class.
- Visit Business Insider's homepage for more stories.
The financial-technology startup DriveWealth said this week it raised a Series C round of funding, in part to make acquisitions, and provided the pitch deck it used for that round to Business Insider.
DriveWealth, which builds tech allowing other firms to offer financial services like stock-trading and self-directed investing on their own apps or sites, raised the $56.7 million round from lead investor Point72 Ventures.
Investors Raptor Group, SBI Holdings, and Route 66 Ventures also participated, along with new investors Mouro Capital and Fidelity International Strategic Ventures. It was DriveWealth's latest funding announcement since its Series B in early 2018, and brings the startup's total funding raised to about $100 million.
The New Jersey-based fintech's latest cash infusion comes as investors have flocked to tech startups in the wealth management and brokerage space trying to make investing easy for small-time investors.
Read more: These 10 early-stage wealth startups are on the brink of breaking out, according to top VCs
DriveWealth started using the pitch deck in February for the latest round, just before the coronavirus pandemic took hold in the US and ushered in a new wave of everyday investors entering the market.
In it, DriveWealth lays out its vision for the future of investing, which is making "buying Starbucks stock is as easy as buying a latte."
The firm, led by founder and chief executive Bob Cortright, said it would use the funding to beef up its technology offerings, make strategic acquisitions, and grow its business. Its current clients include Moneylion and Revolut.
Here's the pitch deck that DriveWealth used to raise its Series C round of funding. The firm redacted financials and other details before providing the deck to Business Insider.
Read more: Robinhood, Fidelity, and Charles Schwab are racing to give customers the chance to buy $1 slices of stocks. We talked to a dozen insiders about who wins, who loses, and what it says about trading today.
Learn more about the financial services industry.
Source: Read Full Article