DriveWealth’s partner is Stoxs, a financial technology company based in Silverwater, New South Wales, whose investing platform is geared toward new and millennial Australian investors.
Speaking about the partnership, DriveWealth’s CEO and founder Robert Cortright referenced the millennial focus of Stoxs. “As wealth is transferred to the millennial generation, it is increasingly important to offer investing tools and solutions that cater to the digital, mobile lifestyle,” he said. Cortright emphasized the importance of both mobility and affordability when it came to bringing access to popular, widely traded U.S. stocks to millennial investors.
Pictured: Michael Fitzgerald, head of corporate strategy for DriveWealth, demoing his company’s Brokerage-as-a-Service platform at FinovateSpring 2015.
Kheang Ly, Stoxs founder and CEO, spoke to this point in his statement about the partnership with DriveWealth. “Investors use Facebook every day, go to the gym in their favorite pair of Nike sneakers, drink coffee at Starbucks and pay for things with PayPal,” he explained, “so individuals everywhere should have access to invest in these iconic brands.”
DriveWealth is a full stack, Brokerage-as-a-Service platform that leverages apps like Passport and Atlas, as well as APIs, to enable investors overseas to trade and invest in U.S. stocks. The company provides everything from customer onboarding to account funding to customers in more than 135 countries around the world. DriveWealth’s partners are able to offer their customers equities-trading for as little as $2.99 per trade ($4.95 in China) in popular American stocks like Nike and Starbucks.
DriveWealth was recently featured by Let’s Talk Payments in a look at millennials and investing. In January, the company partnered with StockRadar to give Chinese investors access to U.S. stocks. And late last year, DriveWealth added Carlo Macchi as Director of Global Accounts.
Founded in 2012 and headquartered in Chatham, New Jersey, DriveWealth demonstrated real-time fractional trading with its Passport 2.0 solution at FinovateEurope 2016 last month.