Regulatory technology provider SteelEye has raised $21 million in a Series B fundraising to accelerate its global expansion, with a focus on North America.
The funding round, led by Ten Coves Capital and existing investors Fidelity International Strategic Ventures, Illuminate Financial and Beacon Equity Partners, increases SteelEye’s total capital raised to date to $43 million.
The fundraise follows significant growth from SteelEye last year, which saw its revenues grow by 88%, and it will be used help support the company as it looks to achieve scalable expansion.
Headquartered in London and with offices in the US, India and Portugal, SteelEye provides a software-as-a-service based RegTech platform which allows firms to simplify their compliance processes across various EU, UK and US market regulations.
“Facing regulatory clampdowns, huge data volumes, and inflation impacts on budgets, financial firms need ways to reduce costs through efficiencies and automation,” said Matt Smith, chief executive of SteelEye.
“This is what we deliver through our distinctive, data-centric compliance platform. We are delighted to partner with the team at Ten Coves Capital, who have a long history of enabling technology businesses to scale and deliver real value to the financial services industry.”