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SteelEye captures $21M to help financial firms simplify compliance processes

Image credits: SteelEye

SteelEye, a London-based regulatory technology startup, has secured $21M funding in a Series B round led by Ten Coves Capital. 

Other existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office, also participated in the round. The latest round takes SteelEye’s total capital raised to $43M. 

The company will use the funds to accelerate growth as it expands internationally, emphasizing North America. The funding round came on record growth in 2021, when SteelEye’s revenues grew by 88 percent.

Matt Smith, CEO of SteelEye, says, “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.”

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.

Simplifying compliance processes

Led by Matt Smith, 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 comply accurately with regulatory rules while also allowing firms to glean insights from their data.

By connecting large volumes of data from multiple sources, SteelEye enables firms to meet regulatory obligations more quickly, efficiently, and accurately than any other solution. 

Parallelly, firms gain complete visibility and control of their trading and compliance operations with cutting-edge analytics that provide timely insights on risks and opportunities.

Ten Coves Capital invests across payments, RegTech, banking & lending, asset management, capital markets, and insurance & benefits, among other segments. 

To date, Ten Coves team has helped scale over 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. 

Steve Piaker, a Managing Partner at Ten Coves Capital, says, “SteelEye has a highly differentiated approach and has demonstrated strong momentum and growth in Europe. Financial services firms are drowning in data, and SteelEye delivers a modern unified data capture and analytics solution at scale tuned to more accurately and efficiently separate the noise from actionable investigations. We are excited to partner with the company as it accelerates its expansion in the North American market and beyond.”

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