London-based regulatory expertise (regtech) startup SteelEye has raised $21 million in a Sequence B spherical of funding.
Based in 2017, SteelEye works with banks, hedge funds, brokers, asset managers and extra, to assist them adjust to strict regulatory procedures and necessities of their respective industries.
SteelEye primarily brings compliance to the cloud by way of a SaaS platform, with the promise of streamlined regulatory reporting, improved insights and a lowered danger of non-compliance with guidelines set out by the likes of the Market Abuse Regulation (MAR) in Europe and the Securities and Alternate Fee (SEC), the Commodity Futures Buying and selling Fee (CFTC) and Monetary Business Regulatory Authority (FINRA), amongst others within the U.S. and past.
For instance, the SteelEye Data Platform focuses on archiving and record-keeping, and is constructed to be tamper-proof by way of its WORM (write as soon as, learn many) basis that ensures info resembling orders, trades and related communications can’t be modified. This consists of built-in search performance to simply retrieve information upon request by a regulator or auditor, and full “commerce reconstruction” capabilities that may recreate the circumstances round a selected commerce or transaction.
Finally, SteelEye is all about preserving a full and correct paper path of all the things that has gone in a heavily-regulated monetary sector, and goes a way towards countering insider buying and selling and different market abuses.
“Dealing with regulatory clampdowns, enormous information volumes, and inflation impacts on budgets, monetary corporations want methods to cut back prices by way of efficiencies and automation,” SteelEye CEO Matt Smith stated in a press launch. “That is what we ship by way of our distinctive, data-centric compliance platform.”
There was a flurry of exercise across the regtech space of late, with information lately rising that publicly-traded regulatory compliance firm Pc Companies, Inc. (CSI) is set to be acquired by a duo of private equity firms for $1.6 billion.
Elsewhere, one other London-based regtech known as PassFort secured $16.2 million in funding final yr to assist monetary firms automate their compliance processes, whereas California-based Hummingbird landed $30 million.
SteelEye, for its half, had beforehand raised round $22 million in funding, and with its newest money injection the corporate stated that it’s trying to expedite its development significantly in world markets resembling North America.
The corporate’s Sequence B spherical was led by Ten Coves Capital, with participation from Constancy Worldwide Strategic Ventures, Illuminate Monetary and Beacon Fairness Companions, amongst others.
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