Goldman Sachs and Wells Fargo with prop trading firm DRW are leading a $16 million investment in RegTech and FinTech firm, Droit Financial Technologies.
Droit’s ADEPT platform ensures regulatory compliance with every transaction by producing automated trading decisions. The platform then analyses whether clients are up to date with regulations and market microstructure across their counterparties and geographies.
The $16 million investment is to be used to support expansion and its global operations, sales and marketing teams and the opening of a new office in Singapore.
Joanne Hannaford, managing director of technology at Goldman Sachs, said the investment bank is both a user and investor in Droit Financial Technologies.
ADEPT has implemented over 12 regulatory regimes, including Dodd-Frank, and will be unveiling its MiFID II implementation in the near future.
Satya Pemmaraju, CEO of Droit Financial Technologies, said the firm’s investors “fully recognise the mandatory requirements of all trading firms to meet a vast, complex and constantly evolving array of global regulations.”
Dinkar Jetley, co-founder of Pivot Investment Partners and former CEO of Worldwide Securities Services at JP Morgan Chase explained his company has been following Droit closely for the past two years.
“[We] have been deeply impressed with the high-calibre team, its distinctive solution to a complex problem as well as the strong client momentum,” he added.