To boost international expansion and further build on portfolio of compliance and data analytics solutions
LONDON, Feb. 10, 2020 /PRNewswire/ -- SteelEye, the compliance technology and data analytics firm, has raised $10m in Series A funding in a round led by the FinTech Strategic Investments team at Eight Roads, the proprietary investment firm backed by Fidelity, alongside existing investor Illuminate Financial. This takes the total amount raised by SteelEye to $20m to date.
SteelEye was established in October 2017 to reduce the complexity and cost of compliance and to enable financial firms globally to manage their regulatory obligations through a single platform.
SteelEye's ability to bring together, cleanse, index and analyse data has resulted in the company already gaining over fifty clients across seven countries. To date, SteelEye has launched solutions for record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR.
Following the introduction of these significant regulatory frameworks, authorised firms globally have come under increased pressure to store and reproduce their data, actively monitor their operations and report on financial dealings. However, due to the number of different mandates and the silo nature of most financial systems and platforms, many firms have struggled with their growing compliance requirements and costs have increased year-on-year.
SteelEye was designed to address these challenges and help firms to comply smarter. Further, by enabling firms to instantly query and analyse any dataset within the platform, SteelEye transforms how they interact and use their financial and regulatory information. This has traditionally been difficult to do on a consolidated basis and represents a considerable opportunity for firms to gain a truer understanding of their business, make better decisions and ultimately improve their performance.
"SteelEye's innovative data and RegTech platform is successfully helping financial firms manage their increasingly complex compliance obligations," said Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads. "SteelEye has achieved considerable momentum in the market, demonstrating significant demand for its services. We are delighted to partner with SteelEye to boost their growth and we look forward to reinforcing their efforts."
Matt Smith, CEO of SteelEye, added: "Data accuracy has been one of the biggest challenges facing firms' following regulations such as MiFID II. By solving the data problem first, our clients not only save cost and free up time but gain unparalleled insight into their business and commercial operations. Eight Roads shares our 'data first' vision and will be instrumental in helping us grow our business."
"We are very excited to welcome Eight Roads in as an investor in SteelEye, bringing with them significant experience and distribution potential for the SteelEye products," said Mark Beeston, Managing Partner and Founder of Illuminate Financial Management. "Since we invested in SteelEye's late seed round, they have continued to fit perfectly in Illuminate's Enterprise FinTech focused portfolio, providing a centralised and infinitely scalable data solution for financial institutions. When a client's data is all in one place, SteelEye's ability to deploy new RegTech or business intelligence modules, either homegrown or via partnerships, is very powerful."