LONDON, Feb. 10, 2020 /PRNewswire/ — SteelEye, the compliance know-how and knowledge analytics agency, has raised $10m in Sequence A funding in a spherical led by the FinTech Strategic Investments workforce at Eight Roads, the proprietary funding agency backed by Constancy, alongside current investor Illuminate Monetary. This takes the whole quantity raised by SteelEye to $20m to this point.
SteelEye was established in October 2017 to scale back the complexity and value of compliance and to allow monetary corporations globally to handle their regulatory obligations by way of a single platform.
SteelEye’s capability to convey collectively, cleanse, index and analyse knowledge has resulted within the firm already gaining over fifty purchasers throughout seven nations. So far, SteelEye has launched options for document maintaining, commerce reconstruction, transaction reporting, commerce and communications surveillance, greatest execution reporting, transaction price evaluation and superior analytics for laws together with MiFID II, EMIR, Dodd-Frank, SMCR and MAR.
Following the introduction of those vital regulatory frameworks, authorised corporations globally have come below elevated strain to retailer and reproduce their knowledge, actively monitor their operations and report on monetary dealings. Nonetheless, because of the variety of totally different mandates and the silo nature of most monetary programs and platforms, many corporations have struggled with their rising compliance necessities and prices have elevated year-on-year.
SteelEye was designed to deal with these challenges and assist corporations to conform smarter. Additional, by enabling corporations to immediately question and analyse any dataset throughout the platform, SteelEye transforms how they work together and use their monetary and regulatory info. This has historically been troublesome to do on a consolidated foundation and represents a substantial alternative for corporations to achieve a more true understanding of their enterprise, make higher selections and finally enhance their efficiency.
“SteelEye’s revolutionary knowledge and RegTech platform is efficiently serving to monetary corporations handle their more and more advanced compliance obligations,” stated Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads. “SteelEye has achieved appreciable momentum available in the market, demonstrating vital demand for its providers. We’re delighted to companion with SteelEye to spice up their development and we sit up for reinforcing their efforts.”
Matt Smith, CEO of SteelEye, added: “Information accuracy has been one of many greatest challenges dealing with corporations’ following laws corresponding to MiFID II. By fixing the info drawback first, our purchasers not solely save price and unlock time however acquire unparalleled perception into their enterprise and business operations. Eight Roads shares our ‘knowledge first’ imaginative and prescient and will probably be instrumental in serving to us develop our enterprise.“
“We’re very excited to welcome Eight Roads in as an investor in SteelEye, bringing with them vital expertise and distribution potential for the SteelEye merchandise,” stated Mark Beeston, Managing Accomplice and Founding father of Illuminate Monetary Administration. “Since we invested in SteelEye’s late seed spherical, they’ve continued to suit completely in Illuminate’s Enterprise FinTech targeted portfolio, offering a centralised and infinitely scalable knowledge resolution for monetary establishments. When a consumer’s knowledge is multi function place, SteelEye’s capability to deploy new RegTech or enterprise intelligence modules, both homegrown or by way of partnerships, may be very highly effective.”