Fintech Unicorn DriveWealth Appoints New Global CEO Following Rapid Global Expansion and Customer Growth
DriveWealth, LLC, a global fintech infrastructure company that powers equity investing for fintechs, today announced the appointment of Terry Angelos as Global Chief Executive Officer (CEO). This appointment will support DriveWealth’s continued growth, following a transformational year where the company realized a 100% growth in customers and revenue, 140% growth of its international business, and an over 150% increase in headcount in 2021.
DriveWealth’s APIs are utilized by over 100 global fintechs, challenger banks, and digital wallets to purchase fractional shares of U.S. equities and utilize robo-advising products that democratize access to a new class of financial customers. The company is well-positioned to meet the growing market share of digital wallet app users, which is anticipated to exceed 4.4 billion by 2025, according to Juniper Research.
In the U.S., the largest fintech wallets, such as Block Inc.’s Cash App, use DriveWealth to bring affordable and responsible investing to their millions of consumers. Commenting on the company’s rapid growth, Operations Lead at Cash App Jim Esposito said, “We recognized early that a partnership with DriveWealth would enable Cash App to simplify investing and expand access for all. By enabling consumers to buy stocks one dollar at a time, stock brokerage saw significant adoption. Since launch, millions of Cash App actives have invested billions of dollars via DriveWealth APIs.”
“Today, there are over one billion people who access banking and financial services via digital wallets and neobanks and digital consumers are increasingly investing in U.S. equities from inside these apps. DriveWealth’s APIs and fractional share ownership model is the leading choice to power this digital investment experience,” said Terry Angelos, DriveWealth’s new Global CEO. “High minimums and whole share purchases have prevented access to U.S. equities and the ability to start investing with small dollar amounts was the most frequently cited motivator to start investing according to a recent DriveWealth survey. I look forward to joining this team to create meaningful change in the financial lives of millions of people worldwide.”
Toss Securities, a leading digital wallet in South Korea, recently added DriveWealth’s investment APIs. “Our partnership with DriveWealth enabled Toss Securities to enhance our product offering, leading us to become one of the top retail trading firms in Korea,” said Jaemin Park, CEO of Toss Securities. “The ability to trade real-time fractional shares and transact during extended U.S. market hours has given customers of Toss Securities unprecedented access to the U.S. equity markets.”
As DriveWealth enters a key inflection point, recent milestones include:
Expansion of its executive team with notable appointments of Google and PayPal executives Provided access to affordable fractional investing in underserved markets in Africa (Kenya, Uganda), Europe (Georgia), and Asia Pacific (South Korea)
Achieved recognition in the 2022 WealthTech100 List and two Best Places To Work Awards from Built In NYC
Enabled crypto investing via an API-driven experience to seamlessly connect its partners’ retail investors to the crypto marketplace
Prior to joining DriveWealth, Terry served as Senior Vice President, Global Head of Fintech and Crypto at Visa, where he was responsible for leading the company’s global strategy and programs around how Visa engages with, invests in, and partners with fintech and crypto clients.
“DriveWealth is on the threshold of its next stage of growth,” said Bob Cortright, Founder and current CEO of DriveWealth. “As I transition to my new role as Executive Chairman, I look forward to working alongside Terry to revolutionize embedded investing worldwide.”
DriveWealth’s modern APIs, fully integrated brokerage, clearing capabilities, and proven infrastructure is designed to support tens of millions of consumers who access U.S. equities from today’s most recognizable fintechs and neobanks, including Block’s Cash App, Revolut, Chipper Cash, Toss Securities, GBM, and Navy Federal.
Grupo Bursátil Mexicano (GBM)
“The people of Mexico have purchased products made by prominent U.S. companies for their entire lives, but only high-net-worth individuals have had the opportunity to invest and to take ownership in the U.S. brands that they love,” said Pedro De Garay, CEO of GBM. “Now, through our partnership with DriveWealth, everyone in Mexico can use GBM to buy the best international stocks, one peso at a time.”
Navy Federal Financial Group
“DriveWealth has been a good partner in helping us provide investment solutions for our members by helping them improve their financial security and build long-term wealth over the past couple of years,” said Diane Young, Chief Operating Officer of Navy Federal Financial Group. “We look forward to continuing this relationship under Terry’s leadership.”