DriveWealth Teams Up With UAE Fintech baraka to Expand Access to U.S. Securities for Millennial Investors

September 1, 2021
Partner News
September 1, 2021
Partner News

DriveWealth, LLC, a pioneer in fractional investing and embedded finance, today announced their partnership with baraka, the fintech startup on a mission to educate, enable, and empower retail investors in the Middle East, to power its commission-free mobile investment app in the Arabian Gulf countries.

Leveraging DriveWealth’s API-driven, cloud-based brokerage infrastructure, baraka’s customers can invest in more than 5,000 U.S. securities, including stocks, exchange traded funds (ETFs), and fractional shares with no minimum investment requirements. The app features a simplified dashboard that allows investors to monitor and track their portfolio, filter third-party screened Shariah-compliant stocks, and the ability to choose between English and Arabic. The app also features a rich resource of financial content to inspire financial literacy as well as the option of a paid tier that includes research from industry partner Refinitiv.

This comes after baraka’s latest capital raise of $4 million with participation from Y Combinator, Global Founders Capital, Raptor Group, Tribe Capital and existing investorsClass 5 Global and Venture Souq.

Traditional banks and brokers that operate in the Middle East typically require higher minimums, creating a barrier to entry for the younger demographic, which was previously underserved and overlooked in the region. Using a content-first approach, baraka aims to build investing confidence and independence by improving financial literacy within its customer base. The company offers a daily newsletter, podcast, and in-app quizzes providing a strong investing knowledge base for its less experienced investors.

“baraka’s dedication to instilling financial confidence and empowerment in the younger generation while removing traditional barriers to investing in the region makes them the perfect partner for us,” said Bob Cortright, CEO of DriveWealth. “We’re proud to help power and provide Middle East investors with expanded access to U.S. securities.”

“We pride ourselves on making investing accessible so people feel comfortable to take control of their own investments,” said Feras Jalbout, Founder and CEO of baraka. “Through this partnership with DriveWealth, we’ve created a platform that allows them to do just that while addressing two barriers to entry – limited access to U.S. stocks and a lack of understanding about how they work.”

About DriveWealth

DriveWealth, the pioneer of fractional equities trading and embedded investing, is a visionary technology company that empowers more than 100 partners around the world to engage their customers by placing the markets in the palm of their hand. We believe the future is fractional, transactional and mobile. Every mobile device should be a gateway to accessing investing and savings products, services, advice, and assistance for global citizens of all ages, wealth stages, and levels of financial expertise. DriveWealth’s unparalleled consultative support and cloud-based, industrial strength technology platform allow partners to seamlessly offer branded investing experiences to drive customer acquisition, loyalty, retention, and revenue growth. DriveWealth’s commitment to continuous evolution and innovation makes it the partner of choice for powering the future of investing. For more information, please visit drivewealth.com.

Media Contact

Emily Baldwin, DriveWealth
ebaldwin@drivewealth.com