Future wealth tracker1/10/2023 Earlier this year, DriveWealth bought a company called Crypto-Systems to expand into crypto trading.įunding: $550 million from Accel, Insight Partners, Point72 Ventures and othersīona fides: The number of people trading with DriveWealth’s software climbed from 7.2 million to 15 million last year, and the company’s valuation jumped more than 10x.įounder: Executive chairman Bob Cortright, 64, who spent 30 years working in trading and markets before founding DriveWealth in 2012 he was CEO until this May, when he was replaced by Terry Angelos, 48, former head of fintech and crypto at Visa. DriveWealthĪ recent surge in retail investing has also driven a surge in DriveWealth’s retail brokerage business: Clients like Revolut, Cash App, MoneyLion and Chipper Cash use DriveWealth’s software to embed fractional stock trading and other investing tools into their own apps and platforms. Staff size nearly doubled in the last year to 1,600.įounder and CEO: Henry Ward, 46, founded Carta as eShares in 2012. Its growing CartaX platform provides a secondary market for shareholders and did $7 billion in transaction volume in 2021, up from $2 billion in 2020.įunding: $1.1 billion from Andreessen Horowitz, Lightspeed Venture Partners, Tribe Capital and othersīona fides: Revenue grew 70% in 2021 to $185 million. Customers include Canva, Flexport and Intercom. Manages capital tables for 29,000 startups, tracking ownership of shares and options, valuations and dilution when new shares are issued. That incorporation of alternatives helped Addepar grow its client base from around 400 to more than 700 last year, as many investors pushed into alts in search of higher yields.įunding: $495 million from 8VC, D1 Capital Partners, WestCap Group and othersīona fides: Hit $3.5 trillion in client assets in 2021, with an average of $15 billion coming online each week.Ĭofounders: Board chairman Joe Lonsdale, 39, also a Palantir cofounder Jason Mirra, 33, former CTO.ĬEO: Eric Poirier, 40, former director at Palantir. AddeparĪ creator of cloud-based software used by wealth managers, family offices, RIAs and other investment professionals to track and analyze client portfolios across a range of asset classes, including stocks, bonds, startup investments, real estate and collectibles. Here’s more on what’s new for these companies making investing and financial services in Wall Street and Silicon Valley more nimble in 2022. Rounding out the group, Addepar doubled its valuation to $2.17 billion last June and helps wealth managers track investments in alternative assets as well as stocks as clients look for refuge from the public market’s declines this year. New York-based Trumid also remains on the list after its daily transaction volume has grown 83% to $2 billion in the last year, boosted by a new partnership with JPMorgan that began last December. While the venture market is cooling this year, CEO Henry Ward expects this secondary market to represent a growing share of Carta’s revenue–with the IPO market stalling out, CartaX presents a way for employees and early investors to cash in some of their holdings. Its $185 million in revenue came mostly from subscription fees from these customers, and it also received commissions on $7 billion worth of secondary market transactions on its CartaX platform. Its 500 enterprise customers include Block (formerly Square), where Song previously worked as an engineer, and Robinhood.Ĭarta is a mainstay on the Fintech 50 and now manages cap tables (tracking share ownership and options) for 29,000 startups, up nearly 50% since last year. Since launching four years ago, Persona, cofounded by 31-year-old CEO Rick Song, has quickly become an industry leader, thanks to its customizable verification process and efficient monitoring and case review configuration. As stock trading and other functions have moved online and onto smartphones, more startups have rushed into the crowded, but growing, identity verification and fraud prevention niche.
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