CHATHAM, N.J, March 9, 2021 – DriveWealth, LLC, a leading global brokerage infrastructure platform, today announced a partnership with Hemista, a first-of-its-kind cross-border robo-advisor®, designed for the specific needs of Non-Resident Indians in the U.S.
Using DriveWealth’s portfolio management system, Autopilot, Hemista provides diversified portfolios of ETFs that are uniquely tailored to align with its customers’ personal goals, allowing the ability to invest in both Indian and U.S. companies. DriveWealth is also the custodian and broker-dealer that Hemista uses to manage client accounts.
The average Indian-American household earns an income in excess of $100,000 – twice that of an average American. Hemista’s platform is specifically designed for immigrants who may not be familiar with the U.S. financial landscape and are also interested in investing in their native country.
“Hemista has built a fantastic product for a very specific and significant client segment here in the U.S.,” said Bob Cortright, founder and CEO of DriveWealth. “We’re thrilled to partner with them to advance the democratization of financial services among the expatriate community.”
“We’ve found the current investing products available to Indian immigrants simply do not serve their unique needs, especially when it comes to investing in their home country,” said Gurumoorthi G, founder of Hemista. “This is what we’ve set out to address as we built Hemista, so that NRIs can have access to personalized portfolios that are delivered with diversification and cost efficiency. We couldn’t do it without the support of partners like DriveWealth, who through their modern brokerage infrastructure, provide the foundation for our offering.”
A pioneer in fractional investing and embedded finance, DriveWealth has built an API-driven, cloud-based brokerage platform that is transforming the investment landscape by democratizing access to U.S. equities for investors domestically as well as abroad. With more than 90 partners in 150 countries around the world, DriveWealth’s mission is to reshape retail investing by enabling banks, global brands, and fintechs to provide investment access and advice to underbanked and underserved customers that was previously only available to the wealthy. For more information, please visit drivewealth.com.
Hemista is the first of its kind robo-advisor that caters to the specific investment and financial planning needs of Indians living in the United States. Hemista creates a personalized investment portfolio based on the proprietary Cross Border Robo Advisor® Algorithm and takes into account factors that are unique to Indian expatriates such as prime importance to children’s education, propensity to invest in India, Retirement in India, etc. For more information, please visit Hemista.com.