RegTech startup SteelEye has raised £5.7 million in its latest funding round, led by Illuminate Financial.

The London-based startup, launched in October last year, uses cloud-based technology to help clients solve compliance challenges created by EU and UK regulation, including MiFID II, MAR, EMIR, Dodd Frank and other international regulatory obligations.

The firm said it had secured a £2.9 million fundraising extension led by markets venture capital firm Illuminate Financial, bring its total seed funding round to £5.7 million.

It will use the money to focus on expanding products and services and continue growing its client base during a time of rapid regulatory change.

The firm has recently established a presence in Switzerland and has acquired 30 clients from five countries. It has also announced partnerships with financial consultants Baringa and EY, along with the London Stock Exchange.

The company has also developed a single platform enabling users to conduct reporting, record keeping, trade reconstruction, best execution, communications and trade surveillance and data analytics.

Matt Smith, chief executive at SteelEye, said the firm hopes to disrupt the traditional way of approaching data and compliance: “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

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