DriveWealth Advances Global Expansion Plans with European Brokerage License from Bank of Lithuania
Lithuania will become DriveWealth’s base of operations for its European brokerage partners with plans to expand the team based in Lithuania
NEW YORK – October 31, 2024 – DriveWealth, a leading financial technology platform providing Brokerage-as-a-Service, today announced that the Bank of Lithuania, the central bank of the Republic of Lithuania, granted it a brokerage license in Europe. This license accelerates DriveWealth’s international expansion and marks its third region with regulatory status, including the United States, Singapore, and now the European Economic Area.
DriveWealth powers modern investing experiences, including 24-hour trading and fractional share ownership, for a community of global B2B partners. Securing this license supports DriveWealth’s ability to expand its platform to offer European securities as well as provide a “follow-the-sun” 24/7 service model continuously across time zones. The new entity in Lithuania, named DriveWealth Europe, will be an integral component of DriveWealth’s international operations and European expansion.
“Achieving this license from the Bank of Lithuania marks a pivotal milestone in our global expansion strategy,” shared Michael Blaugrund, CEO, at DriveWealth. “Lithuania’s commitment to innovation, combined with its well-established regulatory environment and access to fintech-related talent, made it the best fit for setting up our European hub. We look forward to working with the Bank of Lithuania and leveraging the support of their financial ecosystem to offer DriveWealth’s platform to a broader clientele.”
DriveWealth has experienced sustained growth globally, including through strong partnerships with innovators in Europe, the United Kingdom, Asia, and Oceania. With this latest license, DriveWealth aims to expand its offerings by introducing additional market-specific products in the future.
In order to grow its presence in Lithuania and the broader European market, DriveWealth will work closely with Invest Lithuania, the country’s agency that promotes foreign investment and supports businesses in Lithuania. Invest Lithuania works collaboratively with the Bank of Lithuania to foster economic growth and stability.
“DriveWealth’s decision to establish their European hub in Vilnius further strengthens Lithuania’s position as a leading fintech destination in Europe,” states Elijus Čivilis, General Manager at Invest Lithuania. “This move not only validates our efforts to create a nurturing environment for financial innovation but also highlights the caliber of our talent pool and regulatory framework.”
Founded in 2012, DriveWealth’s technology platform allows established companies and emerging digital-native firms to provide securities trading to their clients efficiently and in a compliant fashion. The license will enable DriveWealth to support a further range of clients and opens up more opportunities within its European audience.
About DriveWealth:
DriveWealth is a global B2B financial technology platform. Our core business is providing Brokerage-as-a-Service, powering the investing and trading experiences for digital wallets, broker-dealers, asset managers and consumer brands. DriveWealth’s APIs provide our partners with a modern, extensible and flexible toolkit to develop everything from traditional investment workflows to more innovative techniques like rounding up purchases into fractional share ownership. For more information, visit www.drivewealth.com.