DriveWealth Raises $450M Series D Valuing The Company At $2.85B


DriveWealth Holdings, Inc., a pioneer in fractional trading and embedded finance, today announced a $450 million Series D with a valuation of $2.85 billion, co-led by New York-based global private equity and venture capital investor Insight Partners and Accel, with significant participation by Greyhound Capital, Softbank Vision Fund, and Series C lead Point72 Ventures. The round also included a follow-on investment from Fidelity International, plus several new investors including Base 10, FTX, and FlightDeck.

DriveWealth will use the Series D investment to execute its strategic vision of becoming the category leader of embedded investing across digital wallets and brokerage apps on every continent. This raise will fund continued product and service expansion, talent acquisition, and technology innovation to build the most modern, industrial-strength infrastructure in brokerage to support the firm’s and its partners’ future growth. The funding will also be used to launch self-clearing and accelerate execution via strategic acquisitions and partnerships.

DriveWealth’s mission is to democratize investing globally by working with partners to invent new ways to use its API-based technology to provide emerging investors with cutting-edge embedded experiences, often first-time access to U.S. markets, and the ability to begin investing with as little as $1. DriveWealth is committed to empowering consumers around the world to become owners by delivering the most modern brokerage infrastructure, unparalleled industry expertise, and a culture of continued evolution.

“We are in the early innings of a worldwide retail investing revolution,” said Bob Cortright, founder and CEO of DriveWealth. “Our goal is for DriveWealth to be the partner of choice to deliver the embedded investing experience of the future. This new capital and investor engagement will accelerate our global expansion plans in order to become the world-class, exchange-like technology company that powers tomorrow’s investing products.”

“The proliferation of digital wallets and democratization of investing has led to DriveWealth’s incredible growth and user adaptation to date, and the company’s institutional-grade brokerage execution delivers a seamless process to access equities globally. We look forward to partnering with the company as they continue to expand to meet the needs of today, and innovate for the demands of tomorrow’s fintech ecosystem.”
Deven Parekh, Insight Partners

“The increasing demand for financial services has left fintech companies eager to expand their products and drive engagement. With DriveWealth’s unique combination of brokerage experts and technology, fintechs can get to market quickly and scale.”
Matt Weigand, Accel

“Like DriveWealth, we believe that the future of investing is mobile, transactional and fractional, and that the retail revolution, coupled with ever increasing advances in digital wallet technology, will transform the investing landscape and financial services over the next decade. We are excited to partner with the team and support their mission to democratize investing globally.”
Ines Verschueren, Greyhound Capital

DriveWealth welcomes the strategic support and engagement of two new board members, Deven Parekh from Insight Partners and Matthew Weigand from Accel. Tripp Shriner from Point72 Ventures, who led DriveWealth’s Series C round, will continue contributing in his role as board member.


Appriss, Inc. Announces Definitive Agreement to Sell Appriss Insights, LLC to Equifax, Inc. for $1.825 billion


Appriss, Inc., a pioneer in data and analytics solutions that mitigate risks, improve health, and save lives, backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and Insight Partners, announced today that it has entered into a definitive agreement to sell Appriss Insights, LLC, a wholly owned business unit, to Equifax, Inc. in an all cash transaction for $1.825 billion. Appriss Insights provides data and analytics solutions to government agencies and commercial enterprises to improve community and workplace safety, improve healthcare credentialing, enable more effective law enforcement investigations, and mitigate fraud and improper payments in government entitlement programs.

Appriss Insights’s differentiated capabilities are expected to further enhance Equifax’s fast growing and market-leading Workforce Solutions. The deal is subject to customary closing conditions.

“Appriss was founded over 25 years ago with a mission to leverage data and technology to protect crime victims and make communities safer. This purpose has fueled innovation in other important areas such as workplace risk and financial fraud, where we’ve continued to enhance safety and help ensure valuable tax dollars stay where they’re most needed,” said Krishnan Sastry, Appriss Inc.’s CEO. “Appriss Insights and Equifax share a common vision for how to drive better decisions using a combination of our data and insights. We are incredibly proud to have the talented Appriss Insights team join forces with Equifax and to realize a shared vision faster.”

Appriss Insights pioneered VINE®, the victim-safety solution that connects to county jails and state prisons to monitor the movement of offenders. VINE® uses custody status information to deliver over 25 million notifications annually to keep victims and survivors of crime safe. Appriss Insights has expanded its data capabilities to become a leading provider of risk and criminal justice intelligence solutions for government agencies and employers. Appriss Insights continues to expand its capabilities to strengthen pre-hire background screening and post-hire continuous monitoring, and to mitigate fraud in various government entitlement programs such as unemployment insurance.

“The sale of Appriss Insights is a validation of Appriss’s original mission of delivering critical, proprietary data and analytics to help customers make better decisions,” said James Pade, Partner and Managing Director at Clearlake. “With this divestiture, Appriss will continue to invest in its healthcare and retail platforms, and Clearlake looks forward to helping Appriss grow its leadership position across these key verticals.”

“The innovative Appriss team continues to leverage unique data networks, analytics, and technology to bring new and improved solutions to multiple markets,” said Deven Parekh, Appriss, Inc.’s Chairman of the Board and Managing Director at Insight Partners. “This has resulted in top and bottom-line growth for 26 consecutive years – every single year of the company’s existence. We’re excited to see what the Appriss Insights and Equifax teams will achieve together and look forward to Insight’s continued partnership with the broader Appriss business.”

Appriss, Inc.’s other business units will continue under the ownership of Clearlake and Insight Partners, focused on providing data and technology solutions to improve how healthcare is delivered, to mitigate fraud and risk, and to improve consumer experience at all touchpoints for omnichannel retailers.