SteelEye: Enabling financial firms to meet regulations
Founded in 2017, SteelEye is on a mission to help to establish and maintain trust in the financial markets by making it easy for clients to accurately comply with financial regulations.
Over recent years, the amount of information collected and used by financial firms has skyrocketed, with different data sets spread across multiple platforms and systems. This has made financial compliance much more challenging.
At SteelEye they aim to simplify trade and communications oversight and regulatory reporting by integrating and connecting large volumes of data from multiple sources on a single platform. This enables financial firms to meet regulatory obligations more efficiently and accurately. With SteelEye, you also gain full visibility and control of your trading and compliance operations, with analytics that provides timely insights on risks and opportunities.
A growing need to improve efficiency across the industry
SteelEye, which is headquartered in the UK and has offices in London, New York, Paris, Bengaluru, and Braga, has seen increasing demand for its services as financial firms’ regulatory compliance needs have grown across the globe.
Pressure from regulators and the increasing need to improve operational efficiency across the industry have encouraged more firms to replace legacy technologies through platforms like SteelEye. This demand is growing exponentially as remote and hybrid work patterns become the norm – requiring firms to have secure cloud-based SaaS solutions.
2021 saw SteelEye launch two new products: a Three-Way Reconciliation solution to help firms improve their data quality, and an AI-driven lexicon to reduce false positives in communication surveillance.
The firm also increased its headcount by 60% last year and plans to expand by a further 70% by the end of 2022, with a large focus on North America to keep pace with demand.
SteelEye expects a strong year of growth in 2022
Revenues increased 88% year-on-year in 2021 and the company now has over 120 institutional clients worldwide, with new clients including Oppenheimer Europe Ltd and JonesTrading.
SteelEye expects another year of strong growth in 2022 as continued regulatory pressure and more pervasive adoption of cloud drives an increasing number of firms to upgrade their compliance capabilities.
Matt Smith, Chief Executive Officer at SteelEye, said: “The regulatory pressures facing the industry continue to intensify. There is increasing recognition that legacy compliance systems are no longer fit-for-purpose and expose firms to unnecessary regulatory risk and high costs due to inefficiencies.”
“We are extremely proud of what our team achieved during 2021, a year marked by uncertainty, market turbulence and economic volatility. The RegTech landscape evolved dramatically in the last 12 months and SteelEye’s compelling proposition is agile and ideal for firms seeking a holistic platform to support their long-term compliance needs.”
