Compliance regtech SteelEye raises $21m Series B funding
Compliance technology and data analytics firm SteelEye has raised $21 million in a Series B funding round as it sets its sights on North American expansion.
The round was led by Ten Coves Capital and saw participation from existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners and a large family office.
SteelEye claims the investment marks the largest raise by a European regtech firm in 2022 and brings its total funding to date to $43 million.
Launched in 2017, SteelEye says its revenues grew by 88% in 2021. It adds the new cash will support the firm as it targets further “rapid yet scalable” international expansion.
Headquartered in London, SteelEye provides a software-as-a-service (SaaS)-based platform that allows financial institutions to simplify their compliance processes across the EU, US and UK, providing a unified solution for regulatory reporting, communications and trade surveillance, best execution monitoring and data analytics.
SteelEye CEO Matt Smith says financial firms are facing “regulatory clampdowns, huge data volumes and inflation impacts on budgets” and therefore need to find ways to reduce costs through efficiencies and automation.