SteelEye, a compliance technology and data analytics firm, has raised $21 million in a Series B funding round led by Ten Coves Capital to accelerate the firm’s global expansion.
Existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office also participated in the round which takes takes SteelEye’s total capital raised to $43 million.
SteelEye counts some of the largest financial services firms in the world as clients including Fidelity International and Schroders. The funding round comes on the back of record growth in 2021 when SteelEye’s revenues grew by 88 per cent and will support the firm as it targets further rapid yet scalable international expansion.
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 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.