London-based tech startup SteelEye secured $21M in a Series B funding round led by Ten Coves Capital.
SteelEye recently completed a new round of funding; previous investors participated in the round included Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners and a large family business. With this latest fundraising effort, SteelEye has raised a total of $43M in capital.
SteelEye received funding to accelerate their growth as they expand internationally. The company’s 2021 revenue increased 88% after taking the funding round.
SteelEye CEO Matt Smith says that financial firms need to reduce costs through automation and efficiencies. Additionally, he says they face enormous data volumes and budget inflation due to regulatory clampdowns. Consequently, Smith says they need a compliance platform that is data-centric in order to achieve these results. Consequently, he partnered with Ten Coves Capital to help finance tech companies scale and deliver real value to the financial services industry.
The constant change of compliance requirements due to growing data sizes and the COVID environment have made it harder for financial firms to follow rules meant to preserve the integrity of the markets. This has led to increased costs and complexity for these firms.
Simplifying Compliance Processes
SteelEye’s SaaS-based RegTech platform is led by Matt Smith. It helps financial institutions like banks, brokers and asset managers to abide by various US, UK and EU market regulations. With the help of this platform, these regulated financial firms can easily comply with their compliance processes.
The company’s goal is to provide accurate compliance with regulations while also giving companies the ability to dig into their data.
SteelEye’s connection of large amounts of data from multiple sources allows companies to more efficiently meet compliance requirements. This is because they can meet these requirements faster, and with more accuracy than any other solution.
With advanced analytics, businesses can quickly see risks and opportunities simultaneously. They also have complete visibility into their trading operations.
Ten Coves Capital invests in various segments, including Regtech, banking and lending, asset management, capital markets, insurance and benefits.
Ten Coves’s work has helped solve many pain points in the industry. They provide vital infrastructure to everyone from large financial institutions to small businesses. They’ve helped scale over 40 companies so far.
SteelEye has proven itself in Europe. Steve Piekor, a Managing Partner at Ten Coves Capital, says that the company has a ‘highly differentiated approach’ and is demonstrating ‘strong momentum and growth.’ According to Piekor, financial firms have an enormous amount of data and SteelEye provides a solution that unifies it. Their solution is called a ‘modern unified data capture and analytics solution at scale.’ It’s said to separate noise from actionable investigations more efficiently. Consequently, Piekor views SteelEye as an excellent partner— one he believes will grow in North America and beyond.
