UK-based compliance technology and data analytics firm SteelEye, has announced its plans to expand in North America.
Since its launch in 2017, the company has seen fast growth in Europe. SteelEye provides its clients with a comprehensive SaaS-based regtech platform that allows banks, brokers and asset managers to simplify their compliance processes across different EU, UK and now U.S., market regulations.
SteelEye’s platform delivers a range of regulatory tools which support compliance management, allowing compliance teams to improve efficiencies, reporting accuracy and overall transparency.
CEO of SteelEye, Matt Smith, commented:
The U.S. and Canadian markets are crying out for a new way to oversee their conduct and trading activity. Our technology is a huge opportunity for firms needing to reduce the complexity and cost of compliance, which in some cases represents as much as 10% of a firm’s noninterest expenses.
The company has raised $17 million through two funding rounds in 2020, estimated to reach $21.73 billion by 2027. Fidelity International Strategic Ventures (FISV) led the first funding round alongside existing investor Illuminate Financial. The most recent round completed in December was led by U.S. based investor Beacon Equity Partners. Beacon’s founder Ed Mullen is also joining the SteelEye Board of Directors.
Ed Mullen, Partner and Founder of Beacon Equity Partners, said:
SteelEye has a unique value proposition, combining communications oversight, trade surveillance and regulatory reporting on a single platform. There is great potential in the U.S. for a service that simplifies compliance for financial firms, and we are delighted to support SteelEye as they enter this market.
There is a clear demand for technology that improves compliance accuracy while simplifying processes in the North American market – SteelEye is the perfect solution to support firms. We are delighted to be working with Ed and the team at Beacon Equity Partners, whose expertise in scaling global businesses will be instrumental as we expand into North America.
The Dodd-Frank Act, introduced in 2010 by the Obama admiration, has added regulatory requirements for financial firms. Even ten years after the introduction of these provisions, adhering to them can still be challenging for many firms.
There has been a growing demand in the US for cloud-based compliance and regulatory oversight technology which has motivated SteelEye’s move. Another driver for entering the US market has also been the Covid-19 crisis which overwhelmed compliance teams. The pandemic has created an urgent need to explore new monitoring measures for regulated employees to ensure compliance with regulatory requirements while working from home.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.