SteelEye bags £5.7m in Illuminate Financial led round

UK RegTech SteelEye has raised £5.7m in a Seed funding round led by FinTech-focused VC Illuminate Financial.

SteelEye is a regulatory compliance technology and data analytics company which provides transaction reporting, record keeping and data insight services to companies through its digital platform. Its secure data storage platform offers encryption at rest and analytics to help financial firms meet regulatory obligations and gain additional insights into their business activities.

Since its launch in October last year, SteelEye has expanded its operations to Switzerland and provides its services to 30 clients in five different countries.

Earlier this year the company partnered with European independent management consulting firm, Baringa Partners.

SteelEye CEO Matt Smith said, “We are pleased to have completed our seed financing following a successful first year for SteelEye. Illuminate shares our vision for the future of RegTech and bring with them a great deal of experience, which we think will be instrumental during the next phase of the company’s growth.

“The past year has seen a whirlwind of regulatory change with MiFID II, PSD2 and GDPR all coming into force and it has proven an auspicious time to begin our journey helping provide data solutions for financial firms. We are here to disrupt the traditional way of approaching data and compliance.”

SteelEye was recently hand-picked by a panel of industry experts for the RegTech 100, a list of all the RegTech companies that every financial institution should know about in 2019. Since Q4 2017, more than $3.2bn has been invested in the global RegTech sector. Out of that total, more than $234.6m went to RegTech100 companies, with 25 out of the 100 going onto to raise funds following the award.

Back in 2015, Illuminate Financial entered fundraising mode for IFM FinTech Opportunities, a venture fund aiming to pull in over $53m. The FinTech-focused firm typically participates in Late Seed and Series-A stage deals.

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