DriveWealth CEO quits after eight months

DriveWealth CEO Terry Angelos announced on Twitter that he is leaving the digital custodian and clearing company just eight months after taking office.

“I’m leaving @DriveWealth and working on something new in 2023.” Angelos tweeted on January 11. “I handed day-to-day responsibilities back to the founder and remain an advocate and shareholder.”

A DriveWealth spokesperson confirmed that company founder Bob Courtwright is stepping down as CEO.

“We have made a number of leadership changes as we rebuild for growth,” a DriveWealth spokesperson said in a statement. The company did not respond to requests for additional comment.

Prior to joining DriveWealth, Angelos served as Global Head of Financial Technology and Cryptocurrency at Visa. He was named CEO of DriveWealth in May 2022 to continue the company’s growth after a successful 2021, in which it achieved 100% growth in customers, 140% growth in its international business, and 150% increase in headcount. DriveWealth was valued at $2.8 billion at the time, according to CNBC.

The company did not respond to questions about whether growth stalled under Angelos, but 2023 has been a difficult year for fintech. In 2022, fintech stocks underperformed both financial and tech stocks in 2022, according to the Wall Street Journal, and several fintech companies laid off employees after failing to keep up with the surge in demand seen in the previous year. For example, Robinhood hired thousands of new employees in 2021 to keep up with rising trading volume, but laid off 23% of its workforce last August after investor interest waned.

In December, DriveWealth touted the growth of its global footprint, including new partnerships with companies in Africa and Latin America.

The company announced the partnership in the new year. Richr, a fintech company dedicated to buying and selling homes, has announced that it will use DriveWealth to launch a wealth management service that allows people to invest the capital generated by the sale of their homes. And Ubiquity Retirement + Savings, which provides small businesses with retirement savings accounts, has chosen DriveWealth to digitize its services.

Angelos plans to continue to focus on payments, wealth management technology and B2B digital infrastructure. he tweeted. Angelos did not respond to a request for comment.

“I am proud of our achievements and I am confident that DriveWealth will continue to be the leading digital brokerage platform and become the preferred investment destination for fintechs, banks and brokerages.” he said on Twitter.

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