RegTech Firm SteelEye Secures $21 Million in Series B

SteelEye, the compliance technology and data analytics firm, has announced the completion of a $21M Series B fundraise to accelerate its global expansion – with an emphasis on North America. The funding round – led by Ten Coves Capital alongside existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office – takes SteelEye's total capital raised to $43M.

SteelEye – headquartered in London with offices in New York, Bengaluru (India), and Braga (Portugal) – provides a SaaS-based RegTech platform that allows banks, brokers, asset managers, and other regulated financial firms to simplify their compliance processes across various EU, UK, and US market regulations. The firm's mission is to make it easy for financial firms to accurately comply with regulatory rules, while also allowing firms to glean insights from their data.

Commenting on the funding, Matt Smith, 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, who have a long history of enabling technology businesses to scale and deliver real value to the financial services industry."

Steve Piaker, a Managing Partner at Ten Coves Capital, said: "SteelEye has a highly differentiated approach and has demonstrated strong momentum and growth in Europe. 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."