Bob Cortright, CEO and founder of DriveWealth, spoke with Efma’s Boris Plantier about how he is working to make investing accessible to everyone.
What led to the creation of DriveWealth?
I spent 30 years in financial services before starting my first company, FX Solutions. As technology evolved and our world became more global, I realized that there was a huge opportunity to overhaul the extremely old infrastructure that underpins our financial system. The future of finance is a holistic, digital approach, and most investing infrastructure as it exists today simply can't support that kind of experience. I built DriveWealth from the beginning with a mission of making investing accessible to anyone, anywhere, both by making fractional trading of U.S. equities available worldwide, and by creating an infrastructure that other companies can build truly embedded investing experiences on top of.
Could you present DriveWealth's value proposition?
At DriveWealth, we've built an incredibly flexible API-based infrastructure that enables our partners to build a wide breadth of investing experiences. Our partners offer new ways to invest, from self-directed trading directly from a digital wallet, to holistic money management and robo-advisory, to round-ups on purchases. We were also the first company to receive a license to trade fractional shares of U.S. equities, and our patent-pending Fracker® technology provides the ability to trade fractional shares in real time on a dollar-equivalent basis. That means retail investors can buy shares of the brands they know in terms they understand, like $10 of Apple stock.
What's coming next for DriveWealth?
With our Series C funds we're making some acquisitions and building our technology team (you may have seen that we recently announced bringing Minerva Tantoco, the former CTO of New York, to our team also as CTO). We're excited to expand our product offering and our breadth of partnerships. We were built from the beginning to power the next generation of embedded financial products, and we have a lot of exciting new projects on the horizon that will make investing even more accessible for people around the world.