Funding round
DriveWealth Series B
DriveWealth, which works in brokerage-as-a-service platform development in New York, raised $21M in a Series B round announced on 3 Apr 2018, led by Raptor Group, SBI Holdings and Point72 Ventures. 4 firms took part. It is DriveWealth's first venture round on record.
$21M
Amount raised
Not disclosed
Post-money valuation
4
Investors
3 leads
Valuation
What this round says about the price
DriveWealth did not disclose a valuation in this round. It is DriveWealth's first venture round on record, 6 years after it was founded in 2012. It is 4.0% of the $528M DriveWealth has raised in the venture rounds on record. DriveWealth raised again 30 months later: a Series C round of $57M in Oct 2020. Its next priced round, a Series D in Aug 2021, valued it at $2.85B.
DriveWealth's funding rounds
DriveWealth has 3 venture rounds on record. This one is highlighted.
Investors
Who put money in
Raptor Group, SBI Holdings and Point72 Ventures led the round with 1 other firm.
Lead investors
- backs 42 venture-backed companies new investor
- backs 45 venture-backed companies new investor
- Point72 Ventures backs 72 venture-backed companies new investor
Also in the round
- backs 22 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
7 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $25M, and this round was 84% of the median. The closest in time, other companies' Series B rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| DailyPay Financial Services | 15 Feb 2018 | $9.0M | not disclosed | Intercept Ventures |
| Ualá Financial Services | 1 Oct 2018 | $34M | not disclosed | Goldman Sachs Investment Partners |
| ProducePay Financial Services | 18 Oct 2018 | $14M | not disclosed | Anterra Capital |
| Financial Services | 4 Dec 2018 | $28M | not disclosed | not named |
| Financial Services | 20 Dec 2018 | $8.1M | not disclosed | not named |
| Petal Financial Services | 29 Jan 2019 | $30M | not disclosed | Valar Ventures |
| Financial Services | 6 Feb 2019 | $25M | not disclosed | Khosla Ventures |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did DriveWealth raise in its Series B round?
DriveWealth raised $21M in its Series B round, announced in Apr 2018.
Who led DriveWealth's Series B round?
Raptor Group, SBI Holdings and Point72 Ventures led it, with Route 66 Ventures.
What was DriveWealth's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Financial Services?
7 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $25M, and this round was 84% of the median.
Did DriveWealth raise again after this round?
Yes: a Series C round in Oct 2020 of $57M.