RegTech Scale-Up SteelEye Raises $21M in Round Led by Ten Coves Capital to Accelerate Growth and Meet Demand for Holistic Compliance Solutions
Summary
NEW YORK--(BUSINESS WIRE)--SteelEye, the compliance technology and data analytics firm, has announced the completion of a $21M Series B fundraise to accelerate its international expansion and growth in North America. The funding round led by Ten Coves Capital alongside existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office takes SteelEyes total capital raised to date to $43M.Today, SteelEye 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 growth in 2021 when SteelEyes revenues grew by 88 percent and will support the firm as it targets further rapid, yet scalable expansion.Heightened regulatory pressure, 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. This has increased the demand for regulatory technology solutions that enable robust yet efficient regulatory compliance.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. 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, said: SteelEye has a highly differentiated approach and has demonstrated strong momentum and growth.
Funding
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