London-headquartered RegTech firm SteelEye is eying development across North America following two strong funding rounds last year.
SteelEye provides a SaaS-based RegTech platform, which enables banks, assets managers and brokers to reduce the complexity and cost of financial compliance and helps them to manage their regulatory obligations through a single platform.
SteelEye claims it has seen ‘rapid growth’ in Europe since it launched in 2017 and was able to raise $17m through its two funding rounds in 2020. The first round was led by Fidelity International Strategic Ventures (FISV) alongside Illuminate Financial, while the more recent second round was led by Beacon Equity Partners. Ed Mullen – the founder of Beacon – has joined the SteelEye Board of Directors.
The UK-based firm currently has European sites in London and Paris as well as a location in Boston.
SteelEye CEO 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.”
Mullen added, “SteelEye has a unique value proposition, combining communications oversight, trade surveillance and regulatory reporting on a single platform. There is great potential in the U.S. for a service that simplifies compliance for financial firms, and we are delighted to support SteelEye as they enter this market.”
In December 2020, SteelEye entered a partnership with compliance platform txtsmarter. The deal will see the two join forces to better protect firms from falling foul of regulatory commitments.
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