Droit, a leading RegTech company, recently announced that it has raised $23 million in Series B funding. This funding will be used to expand the company’s U.S. operations and further develop its RegTech platform.
The funding round was led by venture capital firm Accel, with participation from existing investors, including Sequoia India, Lightspeed India, and Kalaari Capital. The new funding brings Droit’s total funding to $30 million.
Droit is a RegTech company that provides a platform for financial institutions to manage regulatory compliance. The platform helps financial institutions to automate the process of compliance with regulations, such as Know Your Customer (KYC) and Anti-Money Laundering (AML). The platform also provides analytics and insights to help financial institutions better understand their regulatory obligations.
The new funding will be used to expand Droit’s U.S. operations and further develop its RegTech platform. The company plans to use the funds to hire more staff, expand its product offerings, and build out its customer base.
According to Droit’s CEO, Pranav Pai, “We are thrilled to have the support of Accel and our existing investors as we continue to build out our RegTech platform and expand our operations in the U.S. Our mission is to make regulatory compliance easier and more efficient for financial institutions, and this new funding will help us achieve that goal.”
The Series B funding is a major milestone for Droit and a testament to the company’s success in the RegTech space. With the new funding, Droit is well-positioned to continue to grow and expand its operations in the U.S. and beyond.
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