Who DriveWealth is
DriveWealth is a brokerage infrastructure company. Its US broker-dealer, DriveWealth, LLC, based in New York, is a member of FINRA and SIPC, and its European entity, UAB DriveWealth Europe, is an investment firm authorised by the Bank of Lithuania. DriveWealth says it pioneered fractional share investing.
Banks, brokers and technology companies use its API to embed investing in their own products, including for customers outside the US, while DriveWealth handles account opening, trading, custody, clearing and regulatory reporting. That is why it is one of the brokers our portfolio module connects to.
What it does in your platform
Portfolios
Executes your investors' orders in US stocks, ETFs and funds, including fractional shares, and holds the assets. The module keeps positions, cash, dividends and corporate actions in sync with DriveWealth and shows them as holdings, performance and statements.
How the connection works
One connector in the portfolio module talks to DriveWealth's REST API with a short-lived session token, requested server to server as DriveWealth requires. Changes come back as events on an Amazon SQS queue rather than webhooks.
An investor is onboarded
After your KYC checks, the module creates the user and opens their account through DriveWealth's API, with the tax forms it needs, such as the W-8BEN for investors outside the US.
The account is funded
Money arrives through the funding model you chose: deposits by each investor, or bulk funding from your own account.
An order goes in
The investor buys by amount, and DriveWealth fills the order in whole or fractional shares.
Events arrive on SQS
Order, deposit and position events land on the platform's own SQS queue. A queue can deliver them out of sequence, so the connector applies them by status, not by arrival.
The portfolio updates
Positions, cash and average cost update in the app, and splits, stock dividends and symbol changes arrive as position updates.
Documents are ready
DriveWealth produces statements, trade confirmations and tax documents, and the app shows them in the investor's documents.
Next to other providers
DriveWealth is one of the brokers the portfolio module connects to, next to Alpaca, Interactive Brokers, Saxo and Upvest. Reference data providers such as Twelve Data describe each instrument and its dividends, while DriveWealth's records decide what each investor holds.
Your app talks to the module, not to DriveWealth. Moving to another broker later leaves the app as it is; existing holdings move by transfer between the brokers, which we plan with you.
When DriveWealth fits best
A strong fit when
- Your customers live outside the US and want to invest in US stocks and ETFs.
- You want investors to buy by amount, in fractional shares, from your own app.
- You want account opening, custody, clearing and tax documents handled by a regulated partner.
Also worth a look
- Alpaca, another API-first broker for US markets, with its own European entity.
- Upvest, when your investors want European-listed instruments under a European licence.
How we get you live
The contract
We help you get your DriveWealth account and contract in place, including the funding model that fits how your customers' money will move.
The funding model
We choose the model with you: individual deposits, bulk or cashless funding through your own accounts, or an omnibus account, and set it up end to end.
The keys
The client ID, secret and app key go into your platform's secrets, and access to the SQS queue is granted to the platform's own role and nothing else.
A full test run
Onboarding, funding, orders and events run in DriveWealth's sandbox, where a simulator fills the orders, before your first real investor.
