The investment will support the development of new products specifically for the wealth management sector such as cross-border and product suitability, position reporting, transaction reporting, and the build out of new cloud-based services.

Droit, an international technology firm specialising in computational law and regulation, has announced that it has closed a $23 million Series B investment in its latest funding round.

The round was led by Pivot Investment Partners and UBS 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. Its patented Adept platform is 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, position reporting, transaction reporting, advancements in Droit’s pre-trade product suite, and the build out of new cloud-based services.

“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," Mike Dargan, chief digital and information officer, UBS, added.

Dinkar Jetley, co-founder and managing partner, Pivot Investment Partners, said: “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."

Over the past two years, Droit has commercialised four new product lines and increased its headcount by nearly 70 per cent, adding leadership roles in business development and technology. The firm has also expanded its global footprint by establishing a presence in Singapore to support existing clients and build new relationships in the region.