SteelEye, a compliance technology and data analytics firm, has raised £18.3 million in Series B funding.

The RegTech says the funding – led by Ten Coves Capital alongside existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office – will accelerate its international expansion and growth in North America. 

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 company 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 revenues, which grew by 88% in 2021.

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.

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“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,” said CEO Matt Smith.

“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 claims to be the only solution that can natively bring together communications with trade and order data under a single lens. It says this unified holistic approach provides data-driven and automation-led solutions for regulatory reporting, communications and trade surveillance, best execution monitoring and data analytics.

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Steve Piaker, a managing partner at Ten Coves Capital, said: “SteelEye has a highly differentiated approach and has demonstrated strong momentum and growth. 

“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.”