Droit Raises $23 Million in Series B Funding Round, Supporting Global Growth and Wealth Product Development
The round was co-led by Pivot Investment Partners and UBS
NEW YORK, March 7, 2023 /PRNewswire/ -- Droit, a technology firm at the forefront of computational law and regulation, today announced it has closed 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 venture 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 patented Adept platform now used by the world's largest financial institutions for pre- and post-trade decision-making and auditability.
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 build-out of new cloud-based services.
"This year marked Droit's 10-year anniversary and we greatly appreciate the support from our investors and their confidence in our future success. This funding will enable us to accelerate the innovation of our new product lines," said 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."
"We believe Droit's capabilities will help companies unlock potential revenue streams by simplifying and driving real-time regulatory compliance," said Mike Dargan, Chief Digital & Information Officer, UBS. "Through this investment, we will work with Droit to build out their product offering to support the industry and look forward to extending our relationship with them across our wealth management business."
This funding round comes at a period of strong growth for Droit. Over the past two years, Droit commercialized four new product lines and increased its headcount by nearly 70 percent, adding key leadership roles in business development and technology. Droit also expanded its global footprint 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 incredibly impressed with how the team leaned into regulatory complexity, built breakthrough products using its innovative and patented platform, and paved the way for a new approach to consensus-driven compliance. We are proud to co-lead this round and see immense potential in the expansion of the Adept platform for use in Wealth and beyond," said Dinkar Jetley, Co-Founder & Managing Partner, Pivot Investment Partners.
About Droit
Droit is a technology firm at the forefront of computational law and regulation within finance and other domains. Founded in 2012, Droit counts many of the largest financial institutions as its clients. Its award-winning, patented platform Adept provides an implementation of regulatory rules reflecting industry consensus. The Adept platform processes tens of millions of inquiries a day, deciding in real-time which interactions are legally permissible across the globe. Adept is used by institutions to evaluate, with sub-millisecond latency, the full regulatory implications of any given interaction within their transactional infrastructure.
For more information visit droit.tech. To obtain more information about Droit's products, please contact [email protected].
About Pivot Investment Partners
Pivot Investment Partners LLC is a team of CEO-level operating executives who have grown and transformed financial services businesses around the world. The firm works closely with a select set of high-potential FinTech and InsurTech companies, investing operating expertise and capital in their success and accelerated growth. For more information, please visit www.pivotinvestment.com.
About UBS
UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful 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 long-term structural growth or profitability outlook.
UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 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 around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
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SOURCE Droit
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