DriveWealth LLC, a global brokerage infrastructure platform, has announced a partnership with Hemista, a first-of-its-kind cross-border robo-advisor, designed for the specific needs of Non-Resident Indians in the US.
Using DriveWealth’s portfolio management system, Autopilot, Hemista provides diversified portfolios of ETFs that are uniquely tailored to align with its customers’ personal goals, allowing the ability to invest in both Indian and US companies. DriveWealth is also the custodian and broker-dealer that Hemista uses to manage client accounts.
The average Indian-American household earns an income in excess of $100,000 – twice that of an average American. Hemista’s platform is specifically designed for immigrants who may not be familiar with the US financial landscape and are also interested in investing in their native country.
“Hemista has built a fantastic product for a very specific and significant client segment here in the US,” said Bob Cortright, founder and CEO of DriveWealth. “We’re thrilled to partner with them to advance the democratisation of financial services among the expatriate community.”
“We’ve found the current investing products available to Indian immigrants simply do not serve their unique needs, especially when it comes to investing in their home country,” said Gurumoorthi G, founder of Hemista.
“This is what we’ve set out to address as we built Hemista, so that NRIs can have access to personalised portfolios that are delivered with diversification and cost-efficiency. We couldn’t do it without the support of partners like DriveWealth, who through their modern brokerage infrastructure, provide the foundation for our offering.”
In October 2021, DriveWealth’s external funding reached over $100million since 2018, following Series C funding, led by Point 72 Ventures, in which the firm secured $56.7million.