Fresh funding for regtech startup Steeleye led by venture capital firm brings total raised to £5.7m

Compliance technology startup Steeleye has announced the completion of a £5.7m seed fundraising led by venture capital firm Illuminate Financial.

A £2.9m fundraising extension by Illuminate rounded off the money which will help the firm launched in October last year expand its products in the regulatory tech space.

Clients employ Steeleye to comply with a raft of financial regulations introduced by the European Union in recent years, including the second Markets in Financial Instruments Directive (MiFID II) and the second EU Payments Service Directive (PSD2), both of which came into effect this year.

The company offers transaction reporting, record keeping, trade reconstruction, communications & trade surveillance and data analytics on one platform.

Matt Smith, Steeleye chief executive, said: “We are pleased to have completed our seed financing following a successful first year. Illuminate shares our vision for the future of regtech and bring with them a great deal of experience, which we think will be instrumental during the next phase of the company’s growth.

“The past year has seen a whirlwind of regulatory change with MiFID II, PSD2 and GDPR all coming into force and it has proven an auspicious time to begin our journey helping provide data solutions for financial firms. We are here to disrupt the traditional way of approaching data and compliance.”

“Steeleye enables clients to bring disparate and siloed data into a secure central location, once the data is centralised and accessible this creates an incredibly powerful platform for further analytics and products including synergies with our other portfolio companies” said Alexander Ross, investment director at Illuminate Financial.

Since its launch Steeleye has opened a Swiss office and partnered with Baringa, EY and the London Stock Exchange.