Financial services compliance startup Droit Financial Technologies has picked up $16m of investment led by Goldman Sachs, Pivot Partners and Wells Fargo.
Principal trading firm DRW also took part in the Series A funding round for Droit, which aims to ensure that sales and trading transactions are executed across jurisdictional guidelines on a timely basis by producing thousands of automated trading decisions per second.
The company was founded in 2012 by a team of derivative traders, quants, e-commerce specialists and technologists looking to provide a robust, enterprise-wide infrastructure to facilitate compliant and optimal derivatives trading across asset classes.
Starting with Dodd-Frank, the platform has implemented more than 12 global regulatory regimes, with a complete MIFID 2 solution available to clients later this year.
Goldman Sachs technology managing director Joanne Hannaford said, “Goldman Sachs is pleased to be both a user of and investor in Droit.
“The company’s success in creating its ADEPT platform gives the company an excellent opportunity to become the industry standard for regulatory-compliant decision engines, and we look forward to our continued cooperation.”
DRW chief executive Don Wilson added, “With more complexity in global market regulation than ever before, Droit’s unique, leading-edge platform automates and standardises regulatory compliant decision-making, and plays a critical role for market participants.”
Droit CEO Satya Pemmaraju said, “We’re delighted with the support received from our investors.
“They fully recognize the mandatory requirements of all trading firms to meet a vast, complex and constantly evolving array of global regulations and understand our business from the strategic perspectives of centralization, standardization, transparency and efficiency.”
The investment will be used to support the expansion of Droit’s operations globally, including the planned opening of an office in Singapore and a rapid expansion of the sales, support and marketing teams.
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