In what has been dubbed the largest RegTech raise by a European firm in 2022, SteelEye has raised $21 million in a Series B round led by Ten Coves Capital.
Providing solutions for regulatory reporting, communications and trade surveillance, best execution monitoring, and data analytics, the SaaS-based RegTech platform’s total capital raised has now increased to $43 million.
SteelEye will channel this funding from existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office to accelerate global expansion, particularly in North America.
The round comes off the back of record growth in 2021 when SteelEye’s revenues grew by 88% following a changing operational environment post-Covid.
Further, growing data volumes has increased the complexity and cost of compliance for financial firms, making it harder for them to accurately comply with rules. With regulatory scrutiny growing, regulators have also handed out combined fines of over $1 billion to global tier one banks in the last nine months.
Matt Smith, CEO of SteelEye, said: “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.”
Steve Piaker, a managing partner at Ten Coves Capital, added: “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 out 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.”
Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.