SteelEye Raises Additional Capital, Eyes North American Expansion
UK-based compliance technology and data analytics firm SteelEye is expanding into North America, a move that comes hot on the heels of a recent fundraising round led by Boston, MA-based private equity firm Beacon Equity Partners. Ed Mullen, founder of Beacon, is joining the SteelEye Board of Directors.
“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.”
SteelEye CEO Matt Smith said:
“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. 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.”
SteelEye raised more than $17mn 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, Beacon Equity Partners-led round was completed in December last year.
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