SteelEye to Expand into North America with Capital Raised in 2020

SteelEye​, the UK-based compliance technology and data analytics firm, announced that it plans to bolster its footprint by expanding into North America, using the $17 million raised in 2020 to support the company's growth.

The expansion will support North American firms facing increased regulatory pressures and meet heightened demand for cloud-based compliance and regulatory oversight technology.

According to the press release, COVID-19 crisis has been a major driver behind the move, with the pandemic inundating compliance teams with investigations and creating an urgent need to explore new monitoring measures for regulated employees while working from home.

SteelEye, which has seen rapid growth in Europe since launching in 2017, delivers a comprehensive SaaS-based regulatory technology (regtech) platform that allows banks, brokers, and asset managers to simplify their compliance processes across various EU, UK and now U.S., market regulations. As Fazzaco reported early this year​, SteelEye was selected by Capital Index​, a UK based global online brokerage specializing in forex, CFDs and spread betting, as provider of MiFIR andEMIR reporting services.

The SteelEye platform reduces the complexity and cost of financial compliance by providing a range of regulatory tools that support effortless compliance management, allowing compliance teams to improve efficiencies, reporting accuracy and overall transparency, all from one platform.

Recognising SteelEye's unique offering and the regtech market potential (estimated to reach $21.73 billion by 2027), the business raised more than $17 million through two funding rounds in 2020. The first was led by Fidelity International Strategic Ventures (FISV) alongside existing investor Illuminate Financial. The second and more recent round was completed in December with U.S. based investor Beacon Equity Partners leading the round. Ed Mullen, founder of Beacon, is joining the SteelEye Board of Directors.

Commenting on the announcement, CEO of SteelEye​, Matt Smith, said: "The U.S. and Canadian markets are crying out for a new way to oversee their conduct and trading activity. Our technology is a huge opportunity for firms needing to reduce the complexity and cost of compliance, which in some cases represents as much as 10% of a firm's noninterest expenses."

"There is a clear demand for technology that improves compliance accuracy while simplifying processes in the North American market – SteelEye​ is the perfect solution to support firms. We are delighted to be working with Ed and the team at Beacon Equity Partners, whose expertise in scaling global businesses will be instrumental as we expand into North America."