New York based trading compliance startup Droit has raised $16m in funding from backers including Goldman Sachs, Wells Fargo and DRW Holdings. Droit's software helps ensure that trades are compliant with rules across different geographies and legal jurisdictions.
Trading compliance firm Droit gets $16 million in funding from Goldman, Wells Fargo Droit, a financial technology company whose software helps improve compliance in derivatives trading, said on Tuesday it has raised $16 million from investors, including Goldman Sachs Group Inc, Wells Fargo & Co and trading firm DRW Holdings. The investment comes as banks are looking for new ways to use technology and data to comply with regulations enacted since the financial crisis. New York-based Droit said in a statement that its software helps ensure that trades are compliant with rules across different geographies and legal jurisdictions. Droit was founded in 2012 by former derivative traders, quantitative analysts and technologists at UBS Group AG, Barclays PLC and Morgan Stanley