Droit, a US-based technology firm that helps companies meet global regulatory compliance, has raised $23m in a Series B round.

Pivot Investment Partners and wealth manager UBS’ venture and innovation arm UBS Next jointly led the fundraise, which was also joined by current investor Goldman Sachs.

Droit plans to use the proceeds to develop new wealth management products, such as cross border and product suitability tools.

This will expand the use of the firm’s Adept platform into the wealth management industry. The platform has already been employed by financial entities for pre- and post-trade decision-making and auditability.

Besides, the fresh infusion will help Droit further develop new and current products, such as position reporting, transaction reporting as well as speed up the development of the company’s pre-trade product suite, among others.

Droit founder and CEO Brock Arnason said: “This year marked Droit’s 10-year anniversary and we greatly appreciate the support from our investors and their confidence in our future success.

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“This funding will enable us to accelerate the innovation of our new product lines.

“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.”

In the last two years, Droit launched four new products and grew its workforce by around 70%.

The firm also strengthened its presence across the globe by entering the Singaporean market.

UBS chief digital and information officer Mike Dargan said: “We believe Droit’s capabilities will help companies unlock potential revenue streams by simplifying and driving real-time regulatory compliance.

“Through this investment, we will work with Droit to build out their product offering to support the industry and look forward to extending our relationship with them across our wealth management business.”