Steeleye in $21 Million Funding Round
Posted by Colin Lambert. Last updated: September 8, 2022
Compliance technology provider Steeleye has completed what it says is the largest RegTech raise by a European firm in 2022 with the completion of a $21 million round led by Ten Coves Capital and existing investors.
The company says the funds will be used to accelerate international expansion, with an emphasis on North America and comes on the back of record growth in 2021 when its revenues grew by 88 percent.
Steeleye says that heightened regulatory pressure, a changing operational environment post-pandemic and growing data volumes have increased the complexity and cost of compliance for financial firms – making it harder for them to accurately comply with rules designed to protect the integrity of the financial markets. At the same time, it adds, regulatory scrutiny is growing, with regulators imposing combined fines of over $1 billion on global tier one banks in the last nine months.
“Facing regulatory clampdowns, huge data volumes, and inflation impacts on budgets, financial firms need ways to reduce costs through efficiencies and automation,” says Matt Smith, CEO of Steeleye. “This is what we deliver through our distinctive, data-centric compliance platform.”
Steve Piaker, a managing oartner at Ten Coves Capital, adds, “SteelEye has a highly differentiated approach and has demonstrated strong momentum and growth in Europe. 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.”