SteelEye completes £2.9m fundraise with Illuminate Financial
Fresh funding will enhance SteelEye’s services and accelerate its growth strategy
London, 29 November 2018:
SteelEye, the compliance technology and data analytics firm, today announced that it has completed a £2.9m fundraise led by capital markets venture capital firm, Illuminate Financial, bringing the total funds raised to £5.7m. The funding will help drive the expansion of SteelEye’s products and services and its ability to serve a growing client base during a time of rapid regulatory change.
SteelEye’s innovative cloud based solutions helps clients to solve compliance challenges for MiFID II, MAR, EMIR, Dodd Frank and other international regulatory obligations. SteelEye brings together order, trade, market and reference data along with communications (electronic and voice), counterparty information (CRM) and market data helping firms not only conform to regulations, but to trade with greater efficiency, profitability and control. At the same time, its open API framework allows clients to harness the power of their data in whatever manner best suits their business needs.SteelEye is the only platform that offers transaction reporting, record keeping, trade reconstruction, best execution, communications & trade surveillance and data analytics in a single comprehensive solution.
“We’re excited to add SteelEye to the Illuminate Portfolio” said Mark Beeston, Managing Partner and Founder of Illuminate Financial Management “SteelEye have brought scalability and usability to the RegTech space in a way that can also deliver valuable business insight moving beyond cost and compliance into providing competitive advantage as well” he added.
Matt Smith, CEO at SteelEye, commented: “We are pleased to have completed our seed financing following a successful first year for SteelEye. Illuminate shares our vision for the future of RegTech and bring with them a great deal of experience, which we think will be instrumental during the next phase of the company’s growth.
“The past year has seen a whirlwind of regulatory change with MiFID II, PSD2 and GDPR all coming into force and it has proven an auspicious time to begin our journey helping provide data solutions for financial firms.”
Since its launch in October 2017, SteelEye has already established an international footprint, including a presence in Switzerland, and now has 30 clients from five different countries. The firm has also announced a number of key partnerships, including with financial consultants Baringa & EY, the London Stock Exchange, regulatory reporting solutions provider MAP Fintech, mobile and fixed line recording companies Verint & Redbox, and cloud communications provider Solgari.
“SteelEye enables clients to bring disparate and siloed data into a secure central location, once the data is centralised and accessible this creates an incredibly powerful platform for further analytics and products including synergies with our other portfolio companies” commented Alexander Ross, Investment Director at Illuminate Financial.
SteelEye’s disruptive impact in the RegTech market has already been recognised with the firm being included in the 2019 RegTech 100 list. SteelEye was selected earlier this year to join EY’s Fast Growth Platform and its Accelerating Entrepreneurs programme, as part of a cohort of only 30 global, innovative, high-growth startups. The firm also featured in the top 20 of Harrington Starr’s 100 Most Influential FinTech Companies for 2018 and was included in the FinTech Global RegTech 100.
SteelEye is the only regulatory compliance technology and data analytics firm that offers transaction reporting, record keeping and data insight in one comprehensive solution. The firm’s scalable secure data storage platform offers encryption at rest and in flight and best-in-class analytics to help financial firms meet regulatory obligations and gain additional insights into their business activities, helping them to trade with greater efficiency and profitability. With a fully open API framework, SteelEye enables clients to visualise, interpret and store consolidated data in flexible ways that suit their needs.
SteelEye is headquartered in London, UK. For more information, visit: https://www.steel-eye.com
About Illuminate Financial
Illuminate Financial Management LLP is a venture capital firm that crosses the chasm between capital markets fintech and the financial institutions it should serve. The firm was founded in 2014 recognizing the growing importance of Fintech but questioning how much it was contributing to building more sustainable financial institutions. IFM have created partnerships with core strategic investors and a growing number of Capital Markets firms to gain real insight into what the market needs. We leverage this to find, validate and fund early stage companies and harnessing our extensive experience across banking, entrepreneurship and consultancy to help these companies achieve their full potential.
For further information please contact:
Richard Morgan Evans/Alice Huggett-Smith/Fariba Ghazizadeh
0203 195 3240