RegTech SteelEye rakes in $21m from Series B


SteelEye, a compliance technology and data analytics firm, has raised $21m from a Series B round led by Ten Coves Capital.

The round also saw participation from Fidelity International Strategic Ventures, Beacon Equity Partners, Illuminate Financial and a large unnamed family office.

London-headquartered SteelEye provides a SaaS-based RegTech platform that allows banks, brokers, asset managers, and other regulated financial firms to simplify their compliance processes across various EU, UK, and US market regulations.

The firm’s mission is to make it easy for financial firms to accurately comply with regulatory rules, while also allowing firms to glean insights from their data.

SteelEye claims it is unique in being the only solution that can natively bring together communications with trade and order data under a single lens. This unified holistic approach provides data-driven and automation-led solutions for regulatory reporting, communications and trade surveillance, best execution monitoring, and data analytics.

The firm said it simplifies compliance for financial firms, saving them time and money. SteelEye’s holistic platform allows firms to achieve ROI from communications and trades Record keeping, Oversight, and Intelligence.

SteelEye claims the capital will help the company accelerate its global expansion, with a particular focus on North America.

SteelEye CEO Matt Smith said, “Facing regulatory clampdowns, huge data volumes, and inflation impacts on budgets, financial firms need ways to reduce costs through efficiencies and automation. This is what we deliver through our distinctive, data-centric compliance platform. We are delighted to partner with the team at Ten Coves Capital, who have a long history of enabling technology businesses to scale and deliver real value to the financial services industry.”

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