Regtech SteelEye secures $21m in Series B funding for US expansion

London-based compliance technology and data analytics firm SteelEye has raised $21 million in a Series B funding round and plans to use the proceeds to expand into the US.

The fundraising was led by Ten Coves Capital, alongside existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office, taking its total capital raised to date to $43 million.

SteelEye, which has offices in New York, Bengaluru in India, and Braga in Portugal, provides a SaaS-based regtech platform that allows banks, brokers and asset managers to “simplify” their compliance processes to meet EU, UK and US market regulations.

It counts asset managers Schroders and Fidelity International among its clients.

“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 Matt Smith, CEO of SteelEye.

“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.”

Brian Lynch, president of SteelEye Americas, added that US demand for regtech solutions is at an all-time high and is projected to grow.

“Recent fines levied on tier one banks for e-communications breaches further highlight the increased regulatory pressures driving demand,” Lynch said.