UK-based compliance technology and data analytics firm SteelEye announced plans to expand into the US. Launched in 2017, the regtech delivers a SaaS-based platform for banks, brokers, and asset managers to simplify their compliance processes across various EU, UK and now US, market regulations. CEO Matt Smith also mentioned Canada in a statement.
The SteelEye platform reduces the complexity and cost of financial compliance by providing a range of regulatory tools that support effortless compliance management, allowing compliance teams to improve efficiencies, reporting accuracy and overall transparency, all from one platform.
The business raised more than $17 million through two funding rounds in 2020. The first was led by Fidelity International Strategic Ventures (FISV) alongside existing investor Illuminate Financial. The second and more recent round was completed in December with US-based investor Beacon Equity Partners leading the round.
An obvious driver for entering the US market is not only the growing demand for cloud-based compliance and regulatory oversight technology, but also the COVID-19 crisis. The pandemic has inundated compliance teams with investigations and, consequently, created an urgent need to explore new monitoring measures for regulated employees to ensure compliance with regulatory requirements while working from home.
This operational barrier has been compounded further by ongoing regulatory pressures and soaring trading volumes, intense volatility, market uncertainty and a large increase in e-communications caused by the pandemic.
The announcement noted that expansion plans are aimed at North America, with SteelEye CEO Matt Smith making remarks on regtech needs in Canada as well as the US.