Trading compliance firm Droit gets $16 million in funding from Goldman, Wells Fargo

November 1, 2016 11:40 AM EDT

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(Reuters) - 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

Droit said venture capital firm Pivot Investment Partners also participated in the funding round, which will support the opening of an office in Singapore and an expansion of sales and marketing.

(Reporting by Olivia Oran in New York; Editing by Dan Grebler)

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