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Following the wake of the COVID-19 financial crisis, 70.8 percent of South Koreans under the age of 30 are interested in investing in the stock market to build long term wealth, according to market research firm Macromill Embrain Trend Monitor. DriveWealth's technology is breaking down the barriers to entry by enabling younger investors to easily invest on a dollar equivalent basis (i.e. fractional shares) in popular global brands such as Amazon, Apple, Microsoft, and Tesla, among others.
“Toss is one of the fastest growing and most respected fintechs in South Korea and we are excited to be working with them to expand access to investing in U.S. securities for first-time investors in the country,” said Bob Cortright, founder and CEO of DriveWealth. “Our partnership represents an additional milestone for DriveWealth as we continue our mission to expand access to the U.S. markets worldwide through embedded investing.”
Toss launched Toss Securities in February to diversify the breadth of financial instruments available to its 21 million users by providing access to international stock trading. Within three months of its launch, Toss Securities attracted over 3.5 million users. The partnership follows Toss’ $410 million funding round in June, which valued the company at $7.4 billion.
“We are incredibly proud to partner with a leading global brokerage infrastructure like DriveWealth,” said Jaemin Park, CEO of Toss Securities. “Their mission aligns with our vision to open access to U.S. equities for South Korean investors, which is a critical step for Toss as we seek to grow and enhance Toss Securities for our valued user base.”
"Through our partnership with Toss, we are equipping Millennials in South Korea with an innovative investing experience that meets their need to access the U.S. stock market," said Stephen Nash, head of business development at DriveWealth. "We look forward to providing new opportunities for users to take control of their financial futures using our fractional trading technology."
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 or connect with us on Twitter @DriveWealth.