Moneybox taps DriveWealth to add fractional shares on wealth manager app

Rick Steves

“Stocks & Shares ISA customers can now choose to buy shares in the way that best suits them, either regularly with weekly purchases, to help smooth out the effects of market volatility, or through one-off buys. They also have the option to build up their holding of a particular stock over time with fractional shares.”

Moneybox has enhanced the investing proposition of its app-based digital wealth management platform with the launch of invidiual stocks.

Offered alongside its current range of diversified tracker funds and ETFs, and powered by DriveWealth, Moneybox’s portfolio of individual stocks will be available to customers through the Moneybox Stocks & Shares ISA.

The initial range of US stocks launched includes 20 of the biggest and best-known US companies including Amazon, Apple, Tesla, and Microsoft as well as brands such as Coca-Cola, JPMorgan Chase & Co, Nike, McDonald’s, and more.

Moneybox facilitates saving, investing, home-buying, and retirement

The wealth manager app allows customers to customise their investment allocations in line with their values and objectives by tapping a range of tracker funds and ETFs.

Moneybox supports a range of products and services across saving, investing, home-buying, and retirement. A recent and successful $35 million Series D funding round in March 2022 has accelerated Moneybox’s expansion in both customer numbers – having grown to a community of more than 900K people – and AUA – in excess of £3bn in assets under administration.

Caroline Murphree, Moneybox MD, Investing, Saving, and Retirement, said; “We built Moneybox into what it is today by listening to feedback from our customers. The ability to buy individual stocks has been one of our most-requested features for some time. Stocks & Shares ISA customers can now choose to buy shares in the way that best suits them, either regularly with weekly purchases, to help smooth out the effects of market volatility, or through one-off buys. They also have the option to build up their holding of a particular stock over time with fractional shares.

“Historically, investing has been one of the best ways to grow your money over time and to offset inflation. In the current environment, it has never been more important to diversify investments to mitigate the impact of market volatility. At Moneybox, our mission is to help people build wealth with confidence, and our investment proposition centers on providing an accessible, intuitive platform and a broad range of products, tools, and information to help people build a well-diversified, long-term portfolio.”

DriveWealth deployed new multi asset class trading system

DriveWealth has recently deployed a new ultra-low latency proprietary trading system delivered by Adaptive Financial Consulting. The fintech giant ordered the new trading system from Adaptive in order to address the increased demand in its retail brokerage business and respond to requests from a growing number of fintechs who are looking to add U.S. equity markets trading capabilities.

Already parntered with more than 100 brokers across the globe, DriveWealth isn’t backing down any time soon as it continues to serve millions of traders using the firm’s software through third party retail platforms. End users have more than doubled in the past year to over 12 million, DriveWealth reported.

Built using Adaptive’s Aeron Solution Accelerators in close coordination with DriveWealth’s core trading team, the new order management system (OMS) handles significant order volumes and will be inittially supporting all internalized orders for U.S. equities fractional trading, with other asset classes to follow.

The Adaptive-DriveWealth partnership has resulted in a well functioning and ultra-low latency OMS built on top of the open source Aeron Transport and Aeron Cluster solutions, said the announcement.

Ex-DriveWealth co-founder Steve Cortright joined Investall as CEO

Last month, ex-DriveWealth co-founder Steve Cortright joined Investall as Chief Executive Officer. Investall is an AI-driven mobile trading platform for personal finance and investing that provides access to thousands of equities and major cryptocurrencies.

Steve Cortright joins Investall from DriveWealth Technologies, the New Jersey-based pioneer of fractional investing and embedded finance, where he headed the Advisory Products division and was responsible for the company’s Digital Wealth Management Solution.

The platform provides price forecasts on multiple timeframes and financial projections for self-trading, as well as easy-to-use automated products such as the Robo, Goals and the AI-Trader for directed trading.

The Investall app also features budgeting tools powered by AI to track user net worth, credit score and provide powerful insights in an intuitive interface. The Investall app is available on mobile devices on IOS, Android, and on the web.

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