SteelEye, the compliance technology and data analytics firm, has raised $10 mn in Series A funding in a round led by the FinTech Strategic Investments team at Eight Roads, the proprietary investment firm backed by Fidelity, alongside existing investor Illuminate Financial. This takes the total amount raised by SteelEye to $20 mn to date.
SteelEye was established in October 2017 to reduce the complexity and cost of compliance and to enable financial firms globally to manage their regulatory obligations through a single platform.
“SteelEye’s innovative data and RegTech platform is successfully helping financial firms manage their increasingly complex compliance obligations,” said Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads. “SteelEye has achieved considerable momentum in the market, demonstrating significant demand for its services. We are delighted to partner with SteelEye to boost their growth and we look forward to reinforcing their efforts.”
Matt Smith, CEO of SteelEye, added: “Data accuracy has been one of the biggest challenges facing firms’ following regulations such as MiFID II. By solving the data problem first, our clients not only save cost and free up time but gain unparalleled insight into their business and commercial operations. Eight Roads shares our ‘data first’ vision and will be instrumental in helping us grow our business.”
“We are very excited to welcome Eight Roads in as an investor in SteelEye, bringing with them significant experience and distribution potential for the SteelEye products,” said Mark Beeston, Managing Partner and Founder of Illuminate Financial Management. “Since we invested in SteelEye’s late seed round, they have continued to fit perfectly in Illuminate’s Enterprise FinTech focused portfolio, providing a centralised and infinitely scalable data solution for financial institutions. When a client’s data is all in one place, SteelEye’s ability to deploy new RegTech or business intelligence modules, either homegrown or via partnerships, is very powerful.”
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