CHATHAM, N.J., Aug. 7, 2019 /PRNewswire/ -- DriveWealth, LLC, a U.S. based leader in global digital trading technology, today announced that its technology and brokerage execution services are fueling the major new commission-free stock trading service just introduced by fast-growing fintech Revolut. The DriveWealth platform is the engine for the new offering launched Aug. 1, giving Revolut's more than 6 million customers throughout Europe the ability to invest in the U.S. equity market. The initiative represents one of DriveWealth's largest partnerships to date.
DriveWealth CEO Robert Cortright said: "Our new partnership with Revolut is another exciting manifestation of our vision to make the U.S. equity markets easily accessible to investors of all sizes in any country. We are thrilled to play a role with this extraordinarily forward-thinking and successful company in empowering millions of customers – who already enjoy Revolut's great digital financial products – with an intuitive, low-cost U.S. stock investing experience."
"Thanks to our innovative partnership with DriveWealth, we have been able to democratize stock trading across the UK and Europe. Together, we have broken down the barriers of entry and built a truly inclusive product," said Nik Storonsky, Founder & CEO of Revolut.
Over the past several years, DriveWealth has launched partnerships with firms on six continents, offering its innovative investing technology and a customizable suite of application programming interfaces (APIs) that partners can use to provide major new investment capabilities to their clients. Through these partnerships, the firm has been the pioneer in bringing digital access to the U.S. securities market for individuals around the world, enabling investors of any size to gain affordable access to the U.S. stock market – the largest, most liquid and most transparent in the world – with a straightforward online user experience.
In the past seven months alone, DriveWealth has increased access to the U.S. markets with new partnerships in India, Nigeria and Brazil, in addition to the new offering with Revolut throughout Europe. DriveWealth, which launched its patent-pending real-time fractional share trading capabilities in 2016, was founded with the mission to democratize investing in the U.S. stock market. The firm is dedicated to eliminating barriers investors typically encounter with legacy brokers, creating its own proprietary infrastructure that allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities.
DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC. DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform. DriveWealth, LLC delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com.
Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by allowing them to spend and transfer money abroad with the interbank exchange rate, the company has since attracted over 6 million customers in Europe with its spending overviews, budgeting controls and cryptocurrency exchange. To date, Revolut has raised approximately $340 million in funding, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global.