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Droit, a regulatory compliance platform used by major banks, raises $23M
March 7, 2023

Droit, a regulatory compliance platform used by major banks, raises $23M

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Droit, a regulatory compliance platform used by finance heavyweights such as Wells Fargo, Goldman Sachs, and UBS, has raised $23 million in a Series B round of funding.

Founded out of New York in 2012, Droit serves to bolster financial institutions’ trading decision-making by integrating regulatory knowledge into the pre-trade process, highlighting key information on things like whether the transaction is allowed according to the regulations of each market as well as internal policies, ensuring that all obligations are met.

Additionally, Droit caters to the post-trade phase through various reporting and tracking mechanisms, meaning that stakeholders not only can make trading decisions based on the most up-to-date information, but also validate this at a later date by tracing their decisions back to the source information that guided their actions. It’s all about creating a digital-paper trail for auditability.

Compliance

Financial compliance spending reportedly topped $274 billion in 2022, up from $214 billion two years previous, and can account for more than 5% of institutions’ annual budgets. There are a growing array of technologies designed to help banks and similar entities address the regulatory demands of governments across the globe, and investors are taking note. London-based SteelEye recently raised $21 million for a cloud-based compliance platform that promises to streamline regulatory reporting and reduce the risk of non-compliance. And earlier this year, another London-based company called GSS secured $45 million to help banks screen for any sanctions that may have been imposed by governments.

Droit, which raised a $16 million Series A round some six years ago, says that it plans to use its fresh cash injection to support its expansion into wealth management, extending its existing capital market regulatory automation to further use-cases.

The company’s Series B round was led by Pivot Investment Partners and its customer UBS, with participation from existing investor — and customer — Goldman Sachs.

Reference: https://techcrunch.com/2023/03/07/droit-a-regulatory-compliance-platform-used-by-major-banks-raises-23m/

Ref: techcrunch

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