Droit, a leading provider of regulatory technology (RegTech) solutions, announced today that it has raised $23 million in Series B funding. The funding round was led by Insight Partners, with participation from existing investors including Accel and Sequoia Capital India.
The new funding will be used to expand Droit’s presence in the United States and to accelerate the development of its RegTech solutions. Droit provides a suite of RegTech solutions that enable financial institutions to automate their compliance processes and reduce their regulatory risk. The company’s solutions are used by some of the world’s leading banks, insurers, and asset managers.
The new funding will enable Droit to expand its U.S. operations, hire additional staff, and invest in product development. The company plans to use the funds to build out its sales and marketing teams, as well as invest in research and development.
Droit’s RegTech solutions are designed to help financial institutions comply with a wide range of regulations, including anti-money laundering (AML), know-your-customer (KYC), and market abuse regulations. The company’s solutions are designed to reduce the cost and complexity of compliance while providing greater visibility into regulatory risk.
The company’s solutions are powered by artificial intelligence (AI) and machine learning (ML) technologies, which enable the company to provide customers with real-time insights into their regulatory risk. The company’s solutions are also designed to be easily integrated into existing systems, allowing customers to quickly deploy the solutions without disrupting existing operations.
The new funding will enable Droit to continue to expand its presence in the United States and further develop its RegTech solutions. With the new funding, Droit is well-positioned to become a leader in the RegTech space and help financial institutions reduce their regulatory risk.
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