In what has been dubbed the most important RegTech elevate by a European agency in 2022, SteelEye has raised $21 million in a Collection B spherical led by Ten Coves Capital.
Offering options for regulatory reporting, communications and commerce surveillance, finest execution monitoring, and information analytics, the SaaS-based RegTech platform’s whole capital raised has now elevated to $43 million.
SteelEye will channel this funding from current buyers Constancy Worldwide Strategic Ventures, Illuminate Monetary, Beacon Fairness Companions, and a big household workplace to speed up international growth, significantly in North America.
The spherical comes off the again of file progress in 2021 when SteelEye’s revenues grew by 88% following a altering operational surroundings post-Covid.
Additional, rising information volumes has elevated the complexity and value of compliance for monetary corporations, making it more durable for them to precisely adjust to guidelines. With regulatory scrutiny rising, regulators have additionally handed out mixed fines of over $1 billion to international tier one banks within the final 9 months.
Matt Smith, CEO of SteelEye, mentioned: “Dealing with regulatory clampdowns, large information volumes, and inflation impacts on budgets, monetary corporations want methods to cut back prices via efficiencies and automation. That is what we ship via our distinctive, data-centric compliance platform. We’re delighted to associate with the staff at Ten Coves Capital, who’ve a protracted historical past of enabling expertise companies to scale and ship actual worth to the monetary providers trade.”
Steve Piaker, a managing associate at Ten Coves Capital, added: “SteelEye has a extremely differentiated method and has demonstrated sturdy momentum and progress in Europe. Monetary providers corporations are drowning in information and SteelEye delivers a contemporary unified information seize and analytics resolution at scale tuned to extra precisely and effectively separate out the noise from actionable investigations. We’re excited to associate with the corporate because it accelerates its growth within the North American market and past.”
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