Asia North America Partnerships Trennding Wealthtech

South Korean Toss Securities Partners With DriveWealth To Offer an International Investing Service

DriveWealth, LLC, a pioneer in fractional investing and embedded finance, has announced its partnership with Toss Securities to offer safe and easy international investing services for Millennials and stock trading beginners. Toss Securities is a subsidiary of Viva Republica, South Korea’s only fintech unicorn and operator of the financial super app Toss.

Following the wake of the covid-19 financial crisis, 70.8% of South Koreans under the age of 30 are interested in investing in the stock market to build long term wealth, according to market research firm Macromill Embrain Trend Monitor. DriveWealth’s technology is breaking down the barriers to entry by enabling younger investors to easily invest on a dollar equivalent basis (i.e. fractional shares) in popular global brands such as Amazon, Apple, Microsoft, and Tesla, among others.

“Toss is one of the fastest growing and most respected fintechs in South Korea and we are excited to be working with them to expand access to investing in US securities for first-time investors in the country,” said Bob Cortright, founder and CEO of DriveWealth. “Our partnership represents an additional milestone for DriveWealth as we continue our mission to expand access to the US markets worldwide through embedded investing.”

Toss launched Toss Securities in February to diversify the breadth of financial instruments available to its 21 million users by providing access to international stock trading. Within three months of its launch, Toss Securities attracted over 3.5 million users. The partnership follows Toss’ $410million funding round in June, which valued the company at $7.4billion.

“We are incredibly proud to partner with a leading global brokerage infrastructure like DriveWealth,” said Jaemin Park, CEO of Toss Securities. “Their mission aligns with our vision to open access to US equities for South Korean investors, which is a critical step for Toss as we seek to grow and enhance Toss Securities for our valued user base.”

“Through our partnership with Toss, we are equipping Millennials in South Korea with an innovative investing experience that meets their need to access the US stock market,” said Stephen Nash, head of business development at DriveWealth. “We look forward to providing new opportunities for users to take control of their financial futures using our fractional trading technology.”

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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