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SteelEye secures $10 mn in Series A funding led by Eight Roads

Compliance technology and data analytics firm, SteelEye has secured $10 million in a Series A funding round led by the FinTech investments team at Eight Roads along with the participation of existing investor Illuminate Financial. The current investment round has raised the total funding to $20 million.

Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads said, “SteelEye’s innovative data and RegTech platform is successfully helping financial firms manage their increasingly complex compliance obligations. We are delighted to partner with SteelEye to boost their growth and we look forward to reinforcing their efforts.”

Established in 2017 in London, SteelEye is a regulatory compliance technology and data analytics firm that offers transaction reporting, record keeping, trade reconstruction, best execution and data insight in one comprehensive solution.

Matt Smith, CEO of SteelEye, added, “Data accuracy has been one of the biggest challenges facing firms’ following regulations such as MiFID II. By solving the data problem first, our clients not only save cost and free up time but gain unparalleled insight into their business and commercial operations. Eight Roads shares our ‘data first’ vision and will be instrumental in helping us grow our business.”

Mark Beeston, Managing Partner and Founder of Illuminate Financial Management said, “We are very excited to welcome Eight Roads in as an investor in SteelEye, bringing with them significant experience and distribution potential for the SteelEye products. Since we invested in SteelEye’s late seed round, they have continued to fit perfectly in Illuminate’s Enterprise FinTech focused portfolio, providing a centralised and infinitely scalable data solution for financial institutions. ”

Recently, SteelEye entered into a partnership with messaging and communications technology firm TeleMessage in a bid to allow the latter’s clients to integrate their mobile communications with the supplier in real-time.

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