About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

SteelEye Wins £5.7 million Seed Funding

Subscribe to our newsletter

Compliance technology and data analytics firm SteelEye this week confirmed the successful close of a £2.9 million fundraising extension led by fintech-focused venture capital firm Illuminate Financial, bringing the total seed funding raised to £5.7 million.

SteelEye offers cloud-based solutions to assist clients with MiFID II, MAR, EMIR, Dodd Frank and other international regulatory compliance obligations. The online platform brings together order, trade, market and reference data along with communications (electronic and voice) and trade surveillance, counterparty information (CRM), transaction reporting, record keeping, trade reconstruction, best execution and data analytics with the goal of improving both regulatory compliance and trading efficiency.

Launched in the UK in October 2017, the firm has since expanded into Switzerland and services 30 clients across five countries. Over the past year SteelEye has also announced a number of key partnerships including with financial consultants Baringa and EY, the London Stock Exchange, regulatory reporting solutions providers, mobile and fixed line recording companies including Verint & Redbox and several other technology and service providers. In 2018 the firm was also selected to join EY’s Fast Growth Platform and Accelerating Entrepreneurs programme.

Illuminate Financial, which provided the latest funding extension, is a well-known capital markets fintech specialist focusing on enterprise solutions, primarily in the late seed and Series A stages. Recent ventures include a joint $5 million investment into RegTek.Solutions alongside Deutsche Borse, a €1 million early stage investment into London-based low-latency connectivity provider TransFICC, and participation in the first $5.5 million Series A funding round for New York-based data management platform dv01.

“We’re excited to add SteelEye to the Illuminate Portfolio” says Illuminate Managing Partner and Founder Mark Beeston. “SteelEye [has] 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.”

“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” adds Alexander Ross, Investment Director at Illuminate.

Matt Smith, CEO at SteelEye, comments: “We are pleased to have completed our seed financing following a successful first year. 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 funding will help drive the expansion of SteelEye’s products and services and its ability to serve a growing client base during a period of rapid regulatory change.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Approaches to ESG data for analytics

Volumes of ESG data are huge and continue to grow, questioning how financial institutions with a focus on ESG investing can continuously capture and contain required data sets, master and integrate the data, and ensure data quality for meaningful analytics. This webinar will consider approaches to ESG data and data management for analytics, the challenges...

BLOG

It’s Time to Embrace Risk Profiling for Regulatory Compliance

By Richard Pike, Managing Director, KYR Solutions, MyComplianceOffice. Regulations, frameworks, policies and controls define the day-to-day of Chief Compliance Officers (CCO) and their teams in what can best be described as a world of monitoring spaghetti. At the same time, the teams also need to ensure they are keeping senior executives and the front office...

EVENT

RegTech Summit New York

Now in its 6th year, the RegTech Summit in New York will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...