SteelEye, a SaaS platform for regulatory reporting, has raised $21 million in the second round of fundraising handled by Ten Coves Capital. This is the largest raise for a European RegTech company in 2022. with additional funding from Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a private investor. The funds will be used to accelerate global growth.

The sales of SteelEye, a financial technology company, saw a significant increase of 88% in 2021. The COVID-19 pandemic has brought about changes in the business world, and the financial industry is facing additional challenges with compliance and managing large amounts of data. These factors have pressured firms to find cost-saving measures through efficiency and automation. CEO Matt Smith emphasised the need for these strategies in the light of regulatory restrictions and budget constraints. He added that financial firms need to have a solution for managing their data effectively. Our compliance platform uses data to drive decision-making. We’re thrilled to team up with Ten Coves Capital, which has a track record of helping tech companies succeed in the industry. SteelEye, another player in this space, has seen strong growth in Europe.

Managing partner of Ten Coves Capital, Steve Piaker, added, that using SteelEye’s technology, we can quickly and accurately filter out irrelevant data and focus on real investigations. Our scalable data are capturing, and analytics solution is leading the way in the industry. We are thrilled to partner with such a forward-thinking company as it expands globally.

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