The partnership will enable joint customers to launch simplified account funding in investing experiences
CHATHAM, N.J, March 30, 2021 — DriveWealth, LLC, a leading global brokerage infrastructure platform, today announced a partnership with Plaid, a data network powering the digital financial ecosystem, that enables mutual customers of the companies to simplify online investment account funding via one API integration.
Mutual customers of both firms can authenticate their end users’ bank accounts via Plaid and receive tokens, which then enable fast and secure verification of bank funding sources via DriveWealth’s API. This improves the Automated Clearing House (ACH) success rate, increases visibility into the transfer process, and protects customer information.
“The combination of DriveWealth and Plaid will enable any partner to quickly and securely add investment capabilities to their current offerings through a simple API,” said Bob Cortright, DriveWealth CEO. “This will give more consumers equal access to investing in the U.S. markets.”
“While wealth management technology has greatly improved over the past decade, there is still too much friction that prevents people from investing their money how they want. Companies like DriveWealth are changing that and this partnership combines the power of Plaid with DriveWealth to make digital investing experiences even easier,” said Paul Williamson, head of revenue at Plaid.
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 over 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.