DriveWealth continues spreading fractional shares trading across the globe. The firm has signed a new client, Grupo Bursátil Mexicano (GBM), as it helps Mexico gain access to US stock trading.
GBM is a brokerage firm that, like Robinhood, has the mission to democratize investing in the country. To that effect, GMB is leveraging DriveWealth’s real-time fractional trading technology and API-based brokerage infrastructure.
According to the National Banking and Securities Commission (CNBV), only 298,000 brokerage accounts in Mexico at the end of 2019, but much has changed since then.
Today, GBM has more than two million accounts and is likely to grow further as it launches fractional trading for US stocks. GBM users will be able to invest on a dollar equivalent basis (i.e. fractional shares) through the company’s Trading USA tool powered by DriveWealth.
Bob Cortright, founder and CEO of DriveWealth, said: “DriveWealth is on a mission to open the doors for more investors around the world to gain affordable access to the U.S. markets through embedded investing. Our partnership with GBM will help to remove the traditional barriers to investing in the U.S. markets for the Mexican population and marks an additional milestone for us as we progress our mission to democratize investing for the Latin American region, following our recent partnership with Chilean-based investment platform, Racional.”
Pedro de Garay, co-CEO of GBM, commented: “Our clients have consistently vocalized their desire to invest in the U.S. stock market, which previously had been accessible to only the most wealthy Mexican citizens. Thanks to our partnership with DriveWealth, the U.S. market is now easily accessible to all members of the Mexican population, creating new opportunities for citizens to improve their financial wealth through fractional equities trading.”
DriveWealth has recently partnered with Templum to enable alternative asset marketplaces to deliver transparency and liquidity to investors with a frictionless end-to-end trading and brokerage solution.
Templum is an infrastructure for alternatives and private securities and will leverage DriveWealth’s brokerage solution which includes clearing and custody capabilities to complement Templum’s trade matching, order management, risk and surveillance, market data, and Alternative Trading System (ATS).
In May, the fractional trading specliast signed INDmoney, an artificial intelligence (AI) and machine-learning-based wealth management platform in India, to bring US stock investing technology to India.
DriveWealth’s real-time fractional share trading capabilities were launched in 2016 with the mission to democratize investing in the U.S. stock market. Its proprietary infrastructure allows investors to purchase securities without minimum account balances, high transaction costs, or full share quantities.
