UK-based compliance technology and data analytics firm SteelEye is strengthening its footprint with plans to expand into North America following additional raises in capital.
SteelEye is estimated to reach $21.73 billion by 2027 and raised more than $17 million through two funding rounds in 2020. The first was led by Fidelity International Strategic Ventures alongside existing investor Illuminate Financial.
The second and more recent round was completed in December with US-based investor Beacon Equity Partners leading the round.
Ed Mullen, founder of Beacon, is set to join the SteelEye board of directors.
SteelEye delivers a software-as-a-service (SaaS)-based regulatory technology (regtech) platform that allows banks, brokers, and asset managers to simplify their compliance processes across various EU, UK and now the US market regulations.
CEO of SteelEye, Matt Smith, comments: “The US 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 per cent of a firm’s non interest expenses.”
According to Smith, there is a clear demand for technology that improves compliance accuracy while simplifying processes in the North American market, and SteelEye is the perfect solution to support firms.
Smith says: “We are delighted to be working with Ed Mullen and the team at Beacon Equity Partners, whose expertise in scaling global businesses will be instrumental as we expand into North America.”
Mullen adds: “SteelEye has a unique value proposition, combining communications oversight, trade surveillance and regulatory reporting on a single platform. There is great potential in the US for a service that simplifies compliance for financial firms, and we are delighted to support SteelEye as they enter this market.”
