Sproutfi deploys DriveWealth’s fractional trading in Latin America
With DriveWealth, communities throughout Latin America will now be able to invest on a dollar equivalent basis (i.e. fractional shares) in over 6,000 U.S. securities and ETFs, making investing in the U.S. markets affordable and accessible.
Fractional investing pioneer DriveWealth has partnered with social trading platform Sproutfi as part of its quest to expand affordable access to investing in the U.S. markets to everyone in Latin America.
Sproutfi offers securities through its affiliate Northbound Securities LLC. Accounts opened through the Sproutfi platform will be held at DriveWealth.
Sproutfi will leverage DriveWealth’s real-time fractional trading technology so its users can invest in the U.S. markets with as little as $1, while making investing inclusive and educational through Sproutfi’s community-based mobile experience.
Fractional trading for Latin American investors
Sproutfi was founded in February 2021 by Ruben Guerrero and Tyler Richie. The investment company has operations throughout Latin America, allowing investors to invest in U.S. stocks and ETFs with only U.S. $1 through its U.S. broker affiliate Northbound Securities LLC, with no minimum value required for the account and no commissions.
It also works as a social network through which customers receive financial education content and share investment ideas — sharing knowledge, discovering new products, and learning how to best allocate their resources.
The partnership with DriveWealth will bring fractional trading to the equation, making access to the US stock market more affordable for users without enough capital to invest in a single Alphabet (GOOG) stock, which is currently trading at $2830, for example.
46 percent of the population in Latin America do not have access to financial services but technology is driving financial inclusion in numerous ways. Sproutfi is bringing the required access and knowledge, via investment products, educational content, and social networking tools.
With DriveWealth, communities throughout Latin America will now be able to invest on a dollar equivalent basis (i.e. fractional shares) in over 6,000 U.S. securities and ETFs, making investing in the U.S. markets affordable and accessible.
Bob Cortright, Founder and CEO of DriveWealth, said: “We believe in the power of learning by doing here at DriveWealth and Sproutfi is doing just that – they’re making it easy for communities to learn how to invest by removing the traditional barriers that have previously held them back. We’re excited to launch our partnership to further expand affordable access to investing for the Latin American population.”
Ruben Guerrero, Co-Founder and CEO of Sproutfi, added: “In order to democratize investing throughout Latin America, we needed to partner with an experienced broker that our users could trust to hold their assets. DriveWealth does exactly that. The company’s history of performance, transparency, and dedicated support is unlike our experience with other platforms – our users can now access the U.S. markets with confidence. Thanks to this partnership, all investors in Latin America can easily access the technology they need to build long-term wealth in collaboration with their friends, family members, and online communities.”
