Funding round
DriveWealth Series D
DriveWealth, which works in brokerage-as-a-service platform development in New York, raised $450M in a Series D round announced on 20 Aug 2021, led by Insight Partners and Accel, at a $2.85B post-money valuation. 8 firms took part, 3 of them already investors. It is DriveWealth's third venture round on record; the one before was a Series C in Oct 2020.
$450M
Amount raised
$2.85B
Post-money valuation
8
Investors
2 leads
16%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced DriveWealth at $2.85B after the new money. The $450M bought investors about 16% of the company. It came 10 months after DriveWealth's Series C. It is 85% of the $528M DriveWealth has raised in the venture rounds on record. No later venture round is on record for DriveWealth.
DriveWealth's funding rounds
DriveWealth has 3 venture rounds on record. This one is highlighted.
Investors
Who put money in
Insight Partners and Accel led the round with 6 other firms. Insight Partners, Accel and Point72 Ventures had backed DriveWealth before.
Lead investors
- Insight Partners backs 548 venture-backed companies existing investor
- Accel backs 581 venture-backed companies existing investor
Also in the round
- Greyhound Capital new investor
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- Point72 Ventures existing investor
- backs 10 venture-backed companies new investor
- backs 108 venture-backed companies new investor
- FlightDeck new investor
Joined the board: Deven Parekh (Insight Partners) and Matthew Weigand (Accel).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
6 Series D rounds in Financial Services within a year either side disclosed an amount; the median was $170M, and this round was 2.6 times the median. The closest in time, other companies' Series D rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Ualá Financial Services | 13 Aug 2021 | $350M | $2.45B | SoftBank Latin America Fund and Tencent |
| DailyPay Financial Services | 18 May 2021 | $175M | not disclosed | Carrick Capital Partners |
| Citadel Securities Financial Services | 11 Jan 2022 | $1.15B | $22.00B | Sequoia Capital |
| Petal Financial Services | 5 Jan 2022 | $140M | $800M | Tarsadia |
| Financial Services | 1 Feb 2022 | $165M | not disclosed | Eldridge |
| FalconX Financial Services | 22 Jun 2022 | $150M | $8.00B | GIC and B Capital |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did DriveWealth raise in its Series D round?
DriveWealth raised $450M in its Series D round, announced in Aug 2021.
Who led DriveWealth's Series D round?
Insight Partners and Accel led it, with Greyhound Capital, SoftBank Vision Fund, Point72 Ventures, Fidelity International Strategic Ventures and Base10 Partners and 1 more.
What was DriveWealth's valuation at the Series D round?
$2.85B post-money.
How does it compare with other Series D rounds in Financial Services?
6 Series D rounds in Financial Services within a year either side disclosed an amount; the median was $170M, and this round was 2.6 times the median.