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- Droit raises $23 million in Series B funding round, to support global growth and development of wealth products
The round was co-led by Pivot Investment Partners and UBS
NEW YORK, March 7, 2023 /PRNewswire/ -- Droit, a technology company at the forefront of computer law and regulation, announced today that it closed on a $23 million Series B investment in its latest funding round. The round was led by Pivot Investment Partners and UBS, the leading global wealth manager, through its risk and innovation unit UBS Next. Goldman Sachs, an existing investor, is also participating in the financing round.
Since its founding in late 2012, Droit has established itself as a technology provider advancing global regulatory compliance in the capital markets space, with its proprietary Adept platform now used by the world's largest financial institutions for decision making. decision making and auditability before and after the negotiation.
The investment will support Droit's expansion into wealth management through the development of new products specifically for the sector, including Cross Border and Product Suitability. This natural extension of the Adept platform for use in wealth management will allow financial institutions to benefit from the same transparent decision-making infrastructure deployed for capital markets. The investment will also support Droit's expansion of new and existing products, including position reporting, transaction reporting, advancements in Droit's pre-trade product suite and the creation of new cloud-based services.
"This year marked Droit's 10th anniversary and we greatly appreciate the support of our investors and their confidence in our future success. This funding will allow us to accelerate innovation in our new product lines," said Brock Arnason, Founder and CEO of Droit. . "We are also excited to join the UBS Next portfolio of fintech companies and look forward to partnering with them to develop our wealth management capabilities."
"We believe Droit's capabilities will help companies unlock potential revenue streams by simplifying and driving regulatory compliance in real time," said Mike Dargan, UBS's chief information and digital officer. "Through this investment, we will work with Droit to develop their product offering to support the industry and we look forward to expanding our relationship with them across our wealth management business."
This funding round comes in a period of strong growth for Droit. In the past two years, Droit has brought four new product lines to market and increased its headcount by nearly 70 percent, adding key leadership roles in business development and technology. Droit also expanded its global presence by establishing a presence in Singapore to support existing clients and build new relationships in the region.
"Since our initial investment in Droit, we have been very impressed with how the team has tackled regulatory complexity, created innovative products using its innovative and proprietary platform, and paved the way for a new consensus-based approach to compliance. We are proud to co-lead this round and see immense potential in expanding the Adept platform for use in wealth and beyond," said Dinkar Jetley, Co-Founder and Managing Partner of Pivot Investment Partners.
Acerca of Law
Droit is a technology firm at the forefront of IT law and regulation within finance and other domains. Founded in 2012, Droit counts many of the largest financial institutions among its clients. Its award-winning Adept proprietary platform provides implementation of regulatory rules that reflect industry consensus. The Adept platform processes tens of millions of queries a day and decides in real time which interactions are legally allowed around the world. Institutions use Adept to assess, with a latency of less than one millisecond, the full regulatory implications of any given interaction within their transactional infrastructure.
For more information, visit droit.tech. For more information on Droit products, please contact sales@droit.tech.
About Pivot Investment Partners Pivot Investment Partners LLC is a team of CEO-level operating executives who have grown and transformed financial services companies around the world. The firm works closely with a select set of high-potential FinTech and InsurTech companies, investing operational expertise and capital in their success and accelerated growth. For more information, visit www.pivotinvestment.com.
About USB
UBS brings together the global ecosystem for investment, where people and ideas are connected and opportunities come to life, providing financial advice and solutions to corporate, institutional and wealthy clients around the world, as well as private clients in Switzerland. UBS offers impactful investment solutions, products and thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target markets, are capital efficient, and have an attractive prospect for structural growth or long-term profitability.
UBS is present in all the world's major financial centers. It has offices in more than 50 regions and locations, with approximately 30% of its employees working in the Americas, 29% in Switzerland, 20% in the rest of Europe, the Middle East and Africa, and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people worldwide. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
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