Regtech SteelEye, a London-based firm, has raised a $21 million Series B round led by Ten Coves Capital, according to the firm. Other investors in the round include; Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and apparently “a large family office.” In total, SteelEye reports capital raised to date at $43 milion. The company noted that the money was raised in a challenging market for venture funding.
SteelEye reported that its 2021 revenue growth jumped by 88% and the funding will help it scale further. The demand for their services are being fueled by a shift to digital work from home environments.
SteelEye offers a product that enhances compliance for financial firms. Its platform is designed to allow firms to comply with global regulations for record-keeping and archiving, trade and communications surveillance, and reporting. Users can identify and stop bad conduct by receiving early warning signs.
SteelEye provides a SaaS-based Regtech platform that allows banks, brokers, and other financial services firms to simplify their compliance processes across various EU, UK, and US market regulations.
Matt Smith, CEO of SteelEye, stated:
“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.”
Brian Lynch, President of SteelEye Americas, said that demand for Regtech solutions is at an all-time high and expected to grow further:
“Recent fines levied on tier one banks for e-communications breaches further highlight the increased regulatory pressures driving demand.”
Steve Piaker, a Managing Partner at Ten Coves Capital, noted that financial services firms are drowning in data and SteelEye delivers a unified data capture and solution at scale tuned to separate the noise from actionable investigations.