UK RegTechs FundsApps and SteelEye have merged to create a unified platform yesterday, November 3. While the exact financial terms of the deal were not disclosed, the new platform will combine surveillance, monitoring, reporting, and analytics for buy-side and sell-side institutions.
In its announcement, FundApps explained that the two have entered a definitive agreement to merge. Existing FundApps investor FTV Capital provided an additional equity investment to bring the two most innovative RegTech providers in the industry together and create a single, end-to-end compliance solution serving clients across the buy-side and sell-side.
The Two Are Building A Combined Entity
FundApps is a leading provider of compliance monitoring and regulatory reporting solutions for the global financial services industry. Meanwhile, SteelEye acts as a leading trade and communications surveillance and data analytics platform.
The two will create a combined organization that will act as a unified platform with the potential to transform how financial institutions approach compliance. They will unite surveillance, monitoring, reporting, and analytics to deliver complete visibility and control across the regulatory lifecycle.
SteelEye wrote that together, FundApps and SteelEye will provide an integrated suite of solutions that help clients navigate increasingly complex regulatory obligations with greater transparency, automation, and unified control.
A RegTech Powerhouse In The Making
Commenting on the move, FundApps’ CEO and founder, Andrew Patrick White, said that this is a transformative step for the companies’ clients and the RegTech industry as a whole.
“By bringing together complementary strengths in reporting, monitoring, and surveillance, we are building a single platform that addresses the full compliance lifecycle and unlocks new capabilities for our clients. While many providers rely on multiple, loosely connected systems, we are creating a unified ecosystem that simplifies regulatory complexity at scale and delivers the end-to-end capability the market has been asking for – all from one trusted partner,” he explained.
SteelEye’s founder and CEO, Matt Smith, also commented on the matter, saying that his company is incredibly excited about the merger.
He added that “FundApps and SteelEye share a common vision to empower financial institutions through data-driven innovation. By merging our teams, technology, and expertise, we are creating a RegTech powerhouse with the depth and breadth to meet the evolving needs of our clients on a global scale.”
Merged, FundApps and SteelEye will serve 350 clients, including some of the industry’s largest banks, hedge funds, asset managers, and commodities firms in 18 countries. Their combined Annual Recurring Revenue is approaching £50 million, with major offices in London, Singapore, India, Portugal, and New York.