US-based financial compliance technology producer Droit Financial Technologies has raised $16m in a series A round that included trading firm DRW.
The round was co-led by financial services firm Wells Fargo, investment bank Goldman Sachs and investment firm Pivot Investment Partners.
Founded in 2012, Droit has created a real-time compliance platform called Adept that ensures all regulatory guidelines are met in trading transactions. Adept processes thousands of trading decisions per second.
Droit will put the money towards international expansion and plans to open an office in Singapore. The company will also hire additional staff for its sales, support and marketing teams.
Don Wilson, chief executive of DRW, said: “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.”
Satya Pemmaraju, chief executive of Droit, added: “We are delighted with the support received from our investors.
“They fully recognise 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 centralisation, standardisation, transparency and efficiency.”