US RegTech Droit has secures $23 million in Series B funding with support from Pivot Partners and UBS as co-leads, and existing investor Goldman Sachs.
The firm's Adept platform is currently deployed in the capital markets space for pre- and post-trade decision making and auditability.
The company says the investment will support its expansion into wealth management through the development of new products specifically for the sector, including for cross border and product suitability decision making.
“This funding will enable us to accelerate the innovation of our new product lines,” says Brock Arnason, founder and chief executive officer 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.”
The financing will also support Droit’s expansion of new and existing products, he adds, including Position Reporting, Transaction Reporting, advancements in Droit’s Pre-Trade product suite, and the build-out of new cloud-based services.