Droit, provider of the Adept platform that offers consensus-driven regulatory compliance and decision making in real-time as to which interactions are legally permissible across the globe, has closed a $23 million Series B investment in its latest funding round. The investment will be used to expand into wealth management through the development of new products specifically for the sector, as well as global growth.
The company was founded in 2012 as a technology provider advancing global regulatory compliance in the capital markets space. The Adept platform processes tens of millions of inquiries a day, deciding in real-time which interactions are legally permissible across the globe. It is used by financial institutions to evaluate, with sub-millisecond latency, the full regulatory implications of any given interaction within their transactional infrastructure.
The latest investment was led by Pivot Investment Partners and UBS, through its venture and innovation unit UBS Next. Goldman Sachs, an existing investor, is also participating in the financing round.
“This funding will enable us to accelerate innovation of our new product lines,” says Brock Arnason, founder and CEO of Droit. “We are also excited to join UBS Next’s portfolio of fintech companies and look forward to partnering with them on building out our wealth management capabilities.”
Dinkar Jetley, co-founder and managing partner at Pivot Investment Partners, adds: “Since our initial investment in Droit, we have been impressed with how the team leaned into regulatory complexity, built breakthrough products using its innovative platform, and paved the way for a new approach to consensus-driven compliance.”
The investment will support not only Droit’s expansion into wealth management, but also development of new and existing products including Position Reporting, Transaction Reporting, advancements in Droit’s Pre-Trade product suite, and the build-out of new cloud-based services.
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