Funding round
DriveWealth Series C
DriveWealth, which works in brokerage-as-a-service platform development in New York, raised $57M in a Series C round announced on 27 Oct 2020, led by Point72 Ventures. 6 firms took part, 4 of them already investors. It is DriveWealth's second venture round on record; the one before was a Series B in Apr 2018.
$57M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
DriveWealth did not disclose a valuation in this round. It came 30 months after DriveWealth's Series B. It is 11% of the $528M DriveWealth has raised in the venture rounds on record. DriveWealth raised again 10 months later: a Series D round of $450M in Aug 2021, at $2.85B post-money.
DriveWealth's funding rounds
DriveWealth has 3 venture rounds on record. This one is highlighted.
Investors
Who put money in
Point72 Ventures led the round with 5 other firms. Point72 Ventures, Raptor Group, SBI Holdings and Route 66 Ventures had backed DriveWealth before.
Lead investor
- Point72 Ventures backs 72 venture-backed companies existing investor
Also in the round
- backs 42 venture-backed companies existing investor
- backs 45 venture-backed companies existing investor
- backs 22 venture-backed companies existing investor
- backs 39 venture-backed companies new investor
- backs 10 venture-backed companies new investor
Joined the board: Peter Monaco (Raptor Group), Pat Wilson (Route 66 Ventures, LLC), Yukiko Roberts (SBI Holdings, Inc.) and Donato Cuttone (Cuttone & Company).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations, acquisitions and working capital.
- Product development
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
10 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $68M, and this round was 84% of the median. The closest in time, other companies' Series C rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Petal Financial Services | 24 Sep 2020 | $55M | not disclosed | Valar Ventures |
| Financial Services | 15 Dec 2020 | $65M | not disclosed | Accel |
| Financial Services | 15 Mar 2021 | $70M | not disclosed | TTV Capital |
| Trade Republic Financial Services | 20 May 2021 | $900M | $5.00B | Sequoia Capital |
| ProducePay Financial Services | 20 May 2021 | $43M | not disclosed | G2 Venture Partners and International Finance Corporation |
| Financial Services | 23 Jan 2020 | $12M | not disclosed | not named |
| Bitpanda Financial Services | 17 Aug 2021 | $263M | $4.10B | Valar Ventures |
| FalconX Financial Services | 10 Aug 2021 | $210M | $3.75B | Altimeter and B Capital |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did DriveWealth raise in its Series C round?
DriveWealth raised $57M in its Series C round, announced in Oct 2020.
Who led DriveWealth's Series C round?
Point72 Ventures led it, with Raptor Group, SBI Holdings, Route 66 Ventures, Mouro Capital and Fidelity International Strategic Ventures.
What was DriveWealth's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Financial Services?
10 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $68M, and this round was 84% of the median.
Did DriveWealth raise again after this round?
Yes: a Series D round in Aug 2021 of $450M at $2.85B post-money.