SteelEye, the compliance technology and data analytics firm, has raised $10m in Series A funding in a round led by the FinTech Strategic Investments team at Eight Roads, the proprietary investment firm backed by Fidelity, alongside existing investor Illuminate Financial. This takes the total amount raised by SteelEye to $20m to date.
SteelEye was established in October 2017 to reduce the complexity and cost of compliance and to enable financial firms globally to manage their regulatory obligations through a single platform.
SteelEye’s ability to bring together, cleanse, index and analyse data has resulted in the company already gaining over fifty clients across seven countries. To date, SteelEye has launched solutions for record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR.
Following the introduction of these significant regulatory frameworks, authorised firms globally have come under increased pressure to store and reproduce their data, actively monitor their operations and report on financial dealings. However, due to the number of different mandates and the silo nature of most financial systems and platforms, many firms have struggled with their growing compliance requirements and costs have increased year-on-year.
SteelEye was designed to address these challenges and help firms to comply smarter. Further, by enabling firms to instantly query and analyse any dataset within the platform, SteelEye transforms how they interact and use their financial and regulatory information. This has traditionally been difficult to do on a consolidated basis and represents a considerable opportunity for firms to gain a truer understanding of their business, make better decisions and ultimately improve their performance.
“SteelEye’s innovative data and RegTech platform is successfully helping financial firms manage their increasingly complex compliance obligations,” said Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads. “SteelEye has achieved considerable momentum in the market, demonstrating significant demand for its services. We are delighted to partner with SteelEye to boost their growth and we look forward to reinforcing their efforts.”
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.”
“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,” said Mark Beeston, Managing Partner and Founder of Illuminate Financial Management. “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. When a client’s data is all in one place, SteelEye’s ability to deploy new RegTech or business intelligence modules, either homegrown or via partnerships, is very powerful.”
Peter Stewart Named Executive Vice President of North America for Ingenico Group
Ingenico Group (Euronext: FR0000125346 – ING), the global leader in seamless payments, today announced that Peter Stewart has been named the executive vice president of North America. Peter reports to Matthieu Destot, executive vice president, B&A business unit and is a member of the company’s B&A Management Committee. Peter brings over 25 years of experience working with technology companies, including the last four years at Ingenico Group. His experience spans across different disciplines, including strategy, sales contract management, manufacturing, supply chain and human resources, among other areas.
“Peter brings a wealth of global leadership experience working with technology companies, both in fintech and the larger industry, that Ingenico benefits from greatly. I, along with the Executive Committee, am excited as he begins this new role leading the region,” Destot said. “His technology background and track record, coupled with his understanding of how Ingenico helps elevate the customer experience, will drive success as we continue to expand our presence in the region.”
Peter previously held the role of chief financial officer of the B&A business unit for Ingenico and formerly served as chief financial officer for the North America Region for nearly two years. Before that, he spent eight years at ADVA Optical Networking, most recently as vice president of finance, corporate development, treasury & risk management. Other previous companies include Lydian Data Services and ADP, among others.
“I am honored and humbled to be appointed the next leader of the North America Region, and I’m very excited by the opportunity that we have in front of us,” Stewart said. “We will continue to build upon our position of thought leadership, our market strength and, most importantly, our ability to execute our strategy across both our Retail and B&A business unit activities.”
SOURCE Ingenico Group
Global Blockchain Market Outlook and Forecasts 2020-2025 – Overview of Service Type, Applications, Solutions and Industry Verticals
Dublin, Feb. 17, 2020 (GLOBE NEWSWIRE) — The “Blockchain Technology Market by Service Type, Applications, Solutions, Industry Verticals 2020 – 2025” report has been added to ResearchAndMarkets.com’s offering.
This report evaluates the technology, leading companies and solutions in the evolving blockchain ecosystem. The report evaluates current and anticipated use cases for blockchain and assesses the market potential globally, regionally, and segmented by deployment type and industry vertical for the period 2020 to 2025.Blockchain as a Service (BaaS) represents a key service offering for many market segments as a mean of solution introduction and scalability via a cloud services model. BaaS service providers will include different types of services such as customize blockchain applications for cloud services, specific industries, custom consulting, and integration with existing systems.
Key Topics Covered:
1 Executive Summary
6 Conclusions and Recommendations
21, Inc.Abra, Inc.AccentureAlphaphoint CorporationAmazonBaiduBitfury GroupBlockchain Global LimitedBlockCypher, Inc.BloqBTL Group (Blockchain Tech Ltd.)Chain, Inc.Circle Internet Financial LimitedCoinbaseCoinfirm Ltd.ConsenSys Systems (ConsenSys)CreditsDell TechnologiesDeloitte Touche TohmatsuDigital Asset HoldingsDigitalx Ltd. (Digital Cc Ltd.)DMG Blockchain SolutionsEarthportFactom Inc.Fidelity InvestmentsGlobal Arena Holding, Inc. (GAHC)HoloHPHyperLedgerIBM CorporationIntelygenzIOTALibra Services, Inc.Linux FoundationMicrosoft CorporationMonaxNASDAQOverstockR3RippleShoCardTecentFor more information about this report visit https://www.researchandmarkets.com/r/ypsgh7About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.CONTACT: ResearchAndMarkets.com
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UP Fintech Underwrites 12 Chinese ADR IPOs in 2019
More than 30 Chinese companies listed on U.S. exchanges in 2019 and 12 of them had Tiger Brokers (NZ) Limited (“TBNZ”), a wholly owned subsidiary of UP Fintech Holding Limited (NASDAQ: TIGR) (together with TBNZ and other affiliates, “UP Fintech”), act as one of the underwriters for their offerings.
In 2015, UP Fintech introduced its proprietary trading platform, Tiger Trade, which provides global Chinese investors with seamless access to U.S. equities and other global securities. In the past few years, UP Fintech’s focus on innovation and superior user experience has enabled it to grow rapidly; according to iResearch, the firm has become the largest online broker for global Chinese to invest in U.S. equities.
UP Fintech is also expanding its institutional business, particularly investment banking and equity underwriting in the TMT space through its wholly owned subsidiary, TBNZ. Since 2017, UP Fintech has participated in many high profile Chinese Tech IPOs, including those of Chinese search engine Sogou Inc. (SOGO), ecommerce giant Pinduoduo (PDD), video streaming platform iQIYI (IQ), and online education company Youdao (DAO).
UP Fintech’s growing investment banking business has given the firm the opportunity to closely cooperate with a diverse range of corporate clients, giving it a better understanding of the challenges faced by Chinese companies that have held a U.S. IPO. UP Fintech is expanding its existing portfolio of corporate services to meet the needs of its growing client base.
“Chinese companies from different industries face a variety of difficulties through the IPO process in the U.S. On one hand, many Wall Street institutions are unfamiliar with relatively lesser-known Chinese companies, which may result in less allocation of resources to these companies. On the other hand, Chinese companies may not possess the requisite expertise to efficiently manage a new issue in the U.S. market. This is where our unique business model and market understanding distinguish our firm: we are ourselves a young technology company, so compared to traditional banks, we are naturally more connected to these emerging companies and understand their needs better. In addition we may leverage our growing customer base of institutional and retail investors to provide a huge demand for the new issuance,” said Mr. Wu Tianhua, CEO of UP Fintech.
Expanding its portfolio of corporate services is a key strategy of UP Fintech’s development, so the firm has acquired new licenses to support its expansion. In October 2019, UP Fintech’s wholly-owned subsidiary, US Tiger Securities, Inc., received approval for conducting new businesses, including underwriting, private placements, mergers and acquisitions, mutual fund retailing, as well as selling group participant services from the Financial Industry Regulatory Authority (“FINRA”). Within two months of receiving these licenses, UP Fintech and its subsidiaries had participated in seven more Chinese ADR IPOs in the U.S.
With a staff that draws from its rich range of experiences in investment banking and financial services, UP Fintech is able to assist potential issuers on every step of their IPO planning. UP Fintech’s Corporate Services team advises issuers on capital structure, equity story, and the ECM/Sales team is able to connect issuers with over 200 institutional investors to build demand for the IPO.
In order to develop a comprehensive suite of corporate services for client firms, UP Fintech also provides ESOP management services to corporate clients, enabling them and their employees to conveniently manage their equity incentive schemes. After the IPO, UP Fintech assists issuers’ ESOP participants open brokerage accounts on its platform, which creates a new channel for client acquisition. Furthermore, after a successful listing, UP Fintech may offer other financial services to corporate clients to support secondary offerings or investor relations efforts.
In 2019, UP Fintech and its subsidiaries participated in 18 U.S. IPOs, and UP Fintech served as an underwriter in 12 of these IPOs. According to Bloomberg and SEC Edgar Data, UP Fintech and its subsidiaries led U.S. IPO underwriting of Chinese companies by deal count among brokerages in 2019.
In conclusion, UP Fintech’s growing corporate services are key to its strategy to create a comprehensive financial services platform that fulfills the needs of client companies at every step of their development and that also provides individual investors unparalleled access to global securities markets. Expect more news from UP Fintech as it helps a generation of Chinese companies go global.
SOURCE UP Fintech
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