Powers Initiative with Fintech Firm, One of Largest Stockbrokers in India
CHATHAM, New Jersey, Dec. 5, 2019 /PRNewswire/ -- DriveWealth, LLC, a U.S. based leader in global digital trading technology, today announced it has partnered with SV Capital in India to enable fintech firm Stockal and HDFC Securities – one of the largest stock brokerage firms in India – to increase accessibility to the U.S. stock market for Indian investors. Through this arrangement, Stockal – which has launched its global investment platform for Indian investors – and HDFC Securities will utilize DriveWealth technology and brokerage execution services to offer their clients easy access to U.S. stocks, including in the form of fractional shares that DriveWealth has pioneered.
DriveWealth CEO Robert Cortright said: "We are excited to work with Stockal, which has an innovative track record, and HDFC Securities, one of India's most established brokerage firms. India is a very important market for us, and this relationship has the potential to have a real impact on expanding opportunities for individuals to have straightforward, affordable online investing experiences related to brands they know and products they use on a daily basis."
Nandkishore Purohit, Head of Digital Strategy & Analytics at HDFC Securities, said: "Indian investors have been looking for ways to participate in global financial markets. Our partnership with Stockal and DriveWealth helps serve this demand and reinforces our ideology of providing diversified areas of investment to our customers. We want our customers to ride on global growth stories and create a portfolio that benefits from both the Indian and U.S. markets. Being a completely digital platform, we strongly believe that customers will easily warm up to its user-friendly interfaces and will appreciate the simplicity of the investing process. We are excited about collaborating with Stockal and DriveWealth – which has introduced U.S. stock trading through partnerships around the world – and believe that there are many milestones waiting for us to be achieved."
Vinay Bharathwaj, Founder and MD, Stockal said: "We believe every investor should diversify geographically, and the U.S. market is particularly attractive as it is the largest, most liquid and most transparent market in the world. With HDFC Securities as a partner, we have uncovered significant demand for U.S. investing among Indians. We are making sure thousands of investors are able to participate in the growth of companies they love, and the relationship with DriveWealth helps us to do just that."
The partnership is the latest in a series of relationships DriveWealth has forged globally on six continents, including recent agreements to increase affordable access to the U.S. markets to investors of all sizes in the U.S., Nigeria, India and Brazil, as well as in Europe through a groundbreaking offering with Revolut. The firm offers partners such as Stockal and HDFC its unique investing technology, along with a customizable suite of application programming interfaces (APIs) that they can leverage to enhance their services. DriveWealth, which launched its patent-pending real-time fractional share trading capabilities in 2016, was founded with the mission to democratize investing in the U.S. stock market. The firm is dedicated to eliminating barriers investors typically encounter with legacy brokers, creating its own proprietary infrastructure that allows investors to purchase securities without minimum account balances, high transaction costs or full share quantities.
DriveWealth Holdings, Inc., wholly owns DriveWealth, LLC, a member of FINRA and SIPC. DriveWealth, LLC is a licensed carrying and self-clearing broker offering digital brokerage solutions to broker-dealers, advisors and online partners worldwide through its proprietary investment platform. DriveWealth, LLC delivers access to the U.S. securities markets along with an array of digital products that power both emerging and established financial companies. For more information, please visit DriveWealth.com.
Stockal is a global investment platform that enables investments in a diverse set of global assets from a single account, from anywhere in the world. Through Stockal, individual investors can invest in multiple global stock markets - affordably and with flexibility. In addition to U.S. markets, Stockal intends to add Germany, Japan, Hong Kong and the UK next year. Founded by Sitashwa Srivastava and Vinay Bharathwaj in 2016, Stockal is headquartered in New York, with its India office in Bangalore. Stockal was launched in India in August 2019. In India, Stockal works with its affiliate SV Capital, which is a Registered Investment Advisor. For more information, please visit stockal.com.
About HDFC Securities
HDFC Securities is one of the leading stock broking companies in India and a subsidiary of HDFC Bank. The firm offers a suite of products and services across various asset classes, including stocks, derivatives, mutual funds, fixed deposits, NCDs, insurance, bonds and currency derivatives. HDFC Securities has more than 250 branches. For more information, please visit HDFCSec.com.