SteelEye Secures $21 Million in Series B Funding
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SteelEye Secures $21 Million in Series B Funding

SteelEye has successfully raised $21 million in a Series B funding round, marking the largest RegTech raise by a European firm in 2022. The round was led by Ten Coves Capital, bringing the total capital raised by the SaaS-based RegTech platform to $43 million.

The funding will be utilized for global expansion, with a focus on North America, and comes from notable existing investors including Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a significant family office.

This fundraising follows record growth for SteelEye, which saw an 88% increase in revenues in 2021 as the operational landscape shifted in the wake of the Covid-19 pandemic. As the volume of data continues to rise, financial firms face increasing complexity and costs in compliance, compounded by regulators imposing over $1 billion in fines on major global banks within the last nine months.

Matt Smith, CEO of SteelEye, stated, “In the face of regulatory pressures, escalating data volumes, and inflation affecting budgets, financial firms must find ways to cut costs through efficiency and automation. Our data-centric compliance platform is designed to meet these needs. We are thrilled to collaborate with Ten Coves Capital, who have a proven track record in helping technology companies scale and add real value to the financial services sector.”

Steve Piaker, managing partner at Ten Coves Capital, remarked, “SteelEye offers a unique approach and has shown significant momentum and growth in Europe. Financial services firms are overwhelmed by data, and SteelEye provides a modern, unified solution for data capture and analytics, enabling more effective separation of actionable insights from the noise. We are excited to support the company as it accelerates its expansion in North America and beyond.”

Additionally, Finextra has launched its inaugural Financial Cloud Summit, set for March 2, 2023. For more details and to register for the event, please visit the event page here.