SteelEye, a prominent RegTech firm, recently confirmed that the company has raised $21 million in its Series B funding round to grow its presence across the world. SteelEye highlighted that it is aiming to expand its operations in North America.
Ten Coves Capital led the funding round. A wide range of investors, including Fidelity International Strategic Ventures, Illuminate Financial and Beacon Equity Partners also joined the list of SteelEye’s investors.
Headquartered in London, the company has offices in Bengaluru, New York and Braga. SteelEye offers compliance technology and data analytics. According to the details shared by the company, its revenues climbed by almost 88% in 2021.
Matt Smith, the 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, which has a long history of enabling technology businesses to scale and deliver real value to the financial services industry.”
RegTech Solutions
The global demand for innovative RegTech solutions has jumped in the past few years. Brian Lynch, the President of SteelEye Americas, believes that the rising regulatory pressure has pushed the demand for technology solutions higher.
"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,” Steve Piaker, a Managing Partner at Ten Coves Capital, said in the announcement.
Royal Park Partners acted as the exclusive financial and strategic advisor to SteelEye and its shareholders throughout the transaction.
