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RegTech Scale-Up SteelEye Raises $21M in Round Led by Ten Coves Capital to Accelerate Growth and Meet Demand for Holistic Compliance SolutionsSteelEye, the compliance technology and data analytics firm, has announced the completion of a $21M Series B fundraise to accelerate its international expansion and growth in North America. The funding round - led by Ten Coves Capital alongside existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office - takes SteelEye's total capital raised to date to $43M. Today, SteelEye counts some of the largest financial services firms in the world as clients including Fidelity International and Schroders. The Series B fundraise comes on the back of record growth in 2021 when SteelEye's revenues grew by 88 percent and will support the firm as it targets further rapid, yet scalable expansion. Heightened regulatory pressure, a changing operational environment post-COVID, and growing data volumes have increased the complexity and cost of compliance for financial firms - making it harder for them to accurately comply with rules designed to protect the integrity of the financial markets. This has increased the demand for regulatory technology (RegTech) solutions that enable robust yet efficient regulatory compliance. At the same time, regulatory scrutiny is growing, with reglators imposing combined fines of over $1BN on global tier one banks in the last nine months. This has increased the demand for regulatory technology solutions that enable robust yet efficient regulatory compliance. SteelEye - headquartered in London with offices in New York, Bengaluru (India), and Braga (Portugal) - 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.
Commenting on the funding, Matt Smith, CEO of SteelEye, said:
"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." Launched in 2017, SteelEye 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.
Brian Lynch, President of SteelEye Americas, added:
Steve Piaker, a Managing Partner at Ten Coves Capital, said:
Royal Park Partners acted as the exclusive financial and strategic advisor to SteelEye and its shareholders throughout the transaction.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005423/en/ |