Director of Head of Cash Management, DriveWealth
$160-225k
More information about location
4+ days a week in office (Financial District, NY)
Cloud-based, API-driven brokerage infrastructure
Job no longer available
Cloud-based, API-driven brokerage infrastructure
201-500 employees
Job no longer available
$160-225k
More information about location
4+ days a week in office (Financial District, NY)
201-500 employees
Company mission
To make investing accessible to anyone, anywhere.
Role
Who you are
- Experience: 10+ years in finance, with a minimum of 5 years in a self-clearing Broker-Dealer or Prime Brokerage environment
- Technical Knowledge: Expert-level understanding of SEC Rules 15c3-3 and 15c3-1, including the specific requirements for asset segregation and the reserve formula
- Licensing: SIE and Series 99 or 7 required. Series 27 (Financial and Operations Principal) is strongly preferred
- Operational Skills: Deep knowledge of clearinghouse workflows (NSCC, DTC, OCC) and the mechanics of tri-party repo or credit lines
- Systems Fluency: Ability to work with SQL or data visualization tools (Tableau/Looker) to manage and reconcile high-volume transaction data
- Leadership: Proven ability to manage cross-functional projects between Finance, Operations, and Engineering
- Location: Required to be in the New York office at least 4 days a week
What the job involves
- We are seeking a Director, Head of Cash Management to serve as the lead architect of DriveWealth’s liquidity engine
- In our "Brokerage-as-a-Service" model, cash movement is the lifeblood of the platform
- You will own the end-to-end strategy for intraday liquidity, regulatory asset segregation, and capital optimization
- This is a high-stakes leadership role requiring a "FinOps" mindset. You will navigate the transition to T+1 settlement cycles, ensuring that our fractional trading engine remains perfectly liquid and fully compliant with the most stringent SEC protection rules
- Regulatory Compliance: Own the daily and weekly Customer and PAB (Proprietary Accounts of Broker-Dealers) reserve formula calculations in accordance with SEC Rule 15c3-3
- Liquidity Management: Monitor and manage intraday liquidity to meet settlement obligations with NSCC, DTC, and OCC, particularly during high-volatility market events
- Capital Optimization: Oversee the firm’s cash sweep programs and manage bank relationships to optimize interest income while ensuring immediate availability of funds
- Settlement Oversight: Lead the team responsible for the daily reconciliation of firm and client funds, ensuring the proprietary fractional ledger remains in sync with external bank and clearinghouse positions
- Funding Strategy: Manage tri-party repo and committed credit facilities to support firm capital requirements and Net Capital (SEC Rule 15c3-1) compliance
- Process Automation: Collaborate with Engineering and Product teams to build automated reconciliation and reporting tools within an API-first environment
Our take
Robo-advisory products and fractional share trading have expanded the investment industry's reach, attracting a broader audience than ever before. This shift has necessitated a redesign of the fintech industry's infrastructure to meet the growing demand for accessible, efficient investment options.
DriveWealth plays a pivotal role in this transformation by developing APIs that serve over 100 global fintechs, challenger banks, and digital wallets. Its infrastructure enables seamless robo-advisory services and fractional-share trading, giving retail investors access to US markets and offering innovative stock-reward programs. Among its partners are notable companies like Revolut, MoneyLion, and Hemista.
As the company continues to grow, it remains focused on scaling its business by enhancing its technology stack, pursuing strategic acquisitions, and expanding its team. It is well on its way to its ultimate goal of providing tools that empower companies to create investment products that are both accessible and convenient for everyone.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
-9% employee growth in 12 months
Company
Funding (last 2 of 5 rounds)
Aug 2021
$450m
SERIES D
Oct 2020
$56.7m
SERIES C
Total funding: $552.8m
Company benefits
- Health & wellness packages: We’ve built our benefits offering as a holistic package. We provide multiple health insurance carrier options and plans (medical, dental, vision) with access to HSA and/or FSA tax savings tools. We also provide income protection including life insurance, AD&D, short- and long-term disability, as well as extended coverage resources such as fertility benefits and mental wellness resources
- Vacation & time off: To build a successful organization, employees need time away to rest and recharge, so we provide paid time off including paid holidays and unlimited vacation time. We also strongly believe in work-life balance and, therefore, offer fully remote and hybrid work positions based on role requirements
- Professional developmnet: We believe one of the greatest contributions we can make is investing in our employees’ professional development. Therefore, we offer financial support toward continuing education courses, academic coursework, professional conferences, earning professional certifications, and membership fees to professional organizations
Company HQ
Financial District, New York, NY
Leadership
Naureen Hassan
(CEO)Previously President of the Americas at UBS, was on the Board of Governors at FINRA and Partnership For New York City and was the First Vice President of the Federal Reserve Bank of New York.
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