Visa’s Global Head of Crypto and Fintech, Terry Angelos, is leaving his position to join DriveWealth, a finance investment trading platform as its CEO.
After spending almost a decade at Visa, Angelos stated he wanted to move into a more executive role. As CEO of DriveWealth, Angelos will continue the work the platform has produced in working with Cash App and Revolut by offering stock trading with correct infrastructure.
With a vested interest in providing fractional investing, DriveWealth and Angelos aims to help take US equities and expand internationally. Angelos believes that up to a billion people across the globe access financial services through a digital wallet or fintech function.
“Traditionally, people outside the US don’t have the ability to open up a brokerage account. That’s something that we think we can help solve,” said Angelos.
“If you were to think about the single, most reliable long-term asset that people around the world want to own, it’s equity in US companies.”
DriveWealth provides custody for individual accounts and stocks by connecting them to these apps using its API software.
DriveWealth was last valued at $2.8 billion and is backed by Softbank, Fidelity’s venture capital arm. Whilst the company is a licensed broker-dealer, working on the behalf of fintech firms, the fractional investment platform also works on offering crypto investment opportunities.
Angelos states DriveWealth has seen increased participation and account growth during the recent downturn, and pointed to the long-term value of US stocks.
“We’re still in the growth cycle of making equities available to people who otherwise wouldn’t have had access and will continue to see growth, even though there may be volatility or pullbacks among more active traders,” concluded Angelos.