London-based regulatory technology (RegTech) startup SteelEye has raised $21 million in a series funding round.
In the year Founded in 2017, SteelEye works with banks, hedge funds, brokerages, asset managers and others to help them comply with the strictest regulatory processes and requirements in their respective industries.
SteelEye brings compliance to the cloud through its SaaS platform, with streamlined regulatory reporting, improved insights and a commitment to non-compliance with regulations like the Market Abuse Regulation (MAR) in Europe. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), others in the US and beyond.
For example, SteelEye Data Platform focuses on archiving and logging, and is built with a WORM (write once, read many) foundation to disrupt, ensuring that data such as orders, transactions and associated communications cannot be modified. This includes a built-in search function to easily retrieve information when requested by a regulator or auditor, and full “business reconstruction” capabilities that can recreate the circumstances surrounding a particular business or transaction.
Ultimately, SteelEye is about maintaining a complete and accurate paper trail of everything that goes on in the highly regulated financial sector and goes some way to preventing insider trading and other market attacks.
Matt Smith, CEO of SteelEye, said in a press release: “As regulatory pressures, massive amounts of data and inflation impact budgets, financial firms are looking for ways to reduce costs through efficiency and automation. “This is what we offer through our unique data-driven compliance platform.”
There has been a lot of activity in the RegTech space of late, most recently publicly traded regulatory guidance company Computer Services Inc. (CCI) was recently reported to be being acquired by private equity firms for $1.6 billion.
Elsewhere, Passport, another London-based regtech, raised $16.2 million last year to help financial firms automate their compliance processes, while California-based Hummingbird received $30 million.
Steel Eye, on the other hand, has previously raised nearly $22 million in funding, and with its recent funding, the company has stated that it is working to accelerate its growth, especially in global markets such as North America.
The company’s Series B round was led by Ten Coves Capital, with participation from Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners and others.