The robo-adviser wave rolls on as Finovate Best of Show winner DriveWealth announces that its launch of a new solution designed for Chinese investors called ToumiRA. DriveWealth—partnering with Chinese marketplace-lender and wealth-manager CreditEase to deploy the robo-adviser technology—will serve as the U.S. broker.
“We believe that everyone should have the ability to own a globally diversified portfolio that suits their needs, and the ToumiRA product allows Chinese investors to do just that in a simple and intuitive environment,” DriveWealth Founder and CEO Robert Cortright said. ToumiRA CIO Frank Wang said the partnership will make it possible for investors to have more personalized asset allocations and more diversified portfolios, particularly due to the access to U.S. equities DriveWealth provides.
Pictured (left to right): DriveWealth Chief Information Officer Harry Temkin and Head of Corporate Strategy Michael Fitzgerald demonstrated Real Time Fractional Trading with Passport 2.0 at FinovateEurope 2016 in London.
DriveWealth is the first company to have both the regulatory authority and cloud-based technology to offer access to U.S. equity markets to investors around the world. The company’s full-stack platform enables foreign banks and brokerages to offer customers dollar-based, mobile-first investing with features like real-time, fractional share-trading and best-bid pricing. Read our Finovate Debut post for more on DriveWealth
CreditEase lends to both small businesses and consumers, and is a standing committee member of China’s Internet Finance Industry Association and chairman of Beijing Marketplace Lending Association. The company celebrated its 10th anniversary on May 28. Ning Tang is founder and CEO.
Founded in 2012 and headquartered in Chatham, New Jersey, DriveWealth demoed its Real Time Fractional Trading with Passport 2.0 at FinovateEurope 2016. The company has raised more than $8 million in funding, with its most recent investment a $4.4 million Series A on April 2015 led by Route 66 Ventures. Earlier this month, DriveWealth partnered with Technician, giving its investors and traders access to the more than 80 financial indicators and charting options available on the Technician app. The company, which employs more than 30 and has more than 100,000 users in 150 countries, was recognized by Entrepreneur.com as one of five fintech companies “working to better your investing future.”