SteelEye, a Regtech firm that aims to simplify compliance for global financial institutions, is reporting that revenues increased by 88% year-on-year in 2021. SteelEye adds that the company now has over 120 institutional clients worldwide, including new clients Oppenheimer Europe Ltd and JonesTrading.
Headquartered in the UK, SteelEye also has offices in London, New York, Paris, Bengaluru, and Braga. SteelEye expanded operations in the United States last year, backed by $17 million in funding rounds. The company selected Brian Lynch to lead its US operations. SteelEye states that demand is growing exponentially as remote and hybrid work patterns become the norm.
SteelEye predicts another year of strong growth in 2022 as ongoing regulatory pressure and more pervasive adoption of cloud drives an increasing number of firms to upgrade their compliance capabilities.
One area of focus is communications archiving and monitoring. Not too long ago JPM was penalized for transgressions in this area in regards to record-keeping failures with WhatsApp chats.
Matt Smith, Chief Executive Officer at SteelEye, said the regulatory pressures facing the industry continue to intensify.
“There is increasing recognition that legacy compliance systems are no longer fit-for-purpose and expose firms to unnecessary regulatory risk and high costs due to inefficiencies.”
He added that they are extremely proud of what they have accomplished in 2021 and their offerings are ideal and agile for firms looking for a holistic platform to support their compliance needs.
SteelEye launched two new products last year: a Three-Way Reconciliation solution to help firms improve their data quality, and an AI-driven lexicon to reduce false positives in communication surveillance.