Regtech SteelEye has landed $21m (£18m) in Series B funding for international expansion, with a focus on North America.
SteelEye’s software aims to help clients, such as brokers, comply with regulatory requirements in the EU, UK and US markets. It also provides data analytics and communication analysis.
Founded in 2017, the company is headquartered in London with additional offices in the US, India and Portugal.
Matt Smith, CEO, SteelEye said: “Facing regulatory clampdowns, huge data volumes, and inflation impacts on budgets, financial firms need ways to reduce costs through efficiencies and automation.”
Users of the software include financial service companies Fidelity International and Schroders.
“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,” said Steve Piaker, managing partner of SteelEye investor Ten Coves Capital.
Further capital came from prior investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners and a family office.
The Series B funding brings the firm’s total to $43m (£36.3m).
Brian Lynch, president, Americas, SteelEye said: “Recent fines levied on tier one banks for e-communications breaches further highlight the increased regulatory pressures driving demand.”
A report published by KPMG has found that UK fintech investment plummeted in the first half of 2022 when compared to the same time last year.