The Evolution of FinTech Compliance
In the latest episode of FinTech Focus TV, host Toby Babb welcomes back Matt Smith, CEO at SteelEye, for an in-depth discussion on compliance, regulation, technology, and global expansion in FinTech. As a returning guest, Matt shares insights into how SteelEye has navigated challenges, expanded internationally, and leveraged AI and data analytics to transform the compliance landscape. With a rapidly evolving financial environment, SteelEye’s journey offers a fascinating glimpse into the future of regulatory technology and the resilience required to scale in uncertain times.
Matt and Toby discuss the complexities of financial regulation and how firms must adapt to ever-changing compliance requirements. SteelEye’s innovative approach in regulatory reporting and surveillance places it at the forefront of the industry, helping institutions effectively manage risks while ensuring adherence to global standards. By combining technology and expertise, SteelEye has created a one-stop compliance solution that offers both cost efficiency and operational simplicity.
Navigating Growth in FinTech Through Market Challenges
Matt reflects on SteelEye’s journey, tracing back to the company’s early days when it secured Series A funding from Fidelity International Strategic Ventures. The company entered the market well-funded, enabling rapid growth and hiring during a crucial period. However, scaling a FinTech firm in a shifting economic landscape brought unique challenges. The conversation touches on the turbulence caused by the COVID-19 pandemic, which disrupted traditional business models but also accelerated SteelEye’s expansion into India, Portugal, the U.S., and Singapore.
Despite economic volatility, SteelEye remained focused on its mission to deliver world-class regulatory technology solutions. The ability to anticipate market shifts and develop scalable infrastructure allowed the company to remain resilient even during uncertain times. By adopting a customer-centric approach, SteelEye continuously refines its offerings to ensure financial institutions can stay compliant without compromising efficiency.
How SteelEye is Transforming Financial Market Compliance
A core part of SteelEye’s success lies in its commitment to data-centric compliance solutions. Matt explains that SteelEye was initially built around regulatory reporting for MiFID compliance but evolved to focus on trade and communications surveillance. The company aggregates emails, voice calls, Bloomberg chats, WhatsApp messages, and Slack interactions into a centralised, compliant data repository. This system ensures firms meet SEC and global regulatory standards, providing real-time insights into market manipulation and financial misconduct.
SteelEye also integrates with CRM systems, market data feeds, and reference databases to create a comprehensive compliance framework. This means clients can monitor trading activity, identify market abuse, and conduct transaction cost analysis with greater efficiency. The result is a next-generation surveillance platform that is transforming compliance across the financial sector.
Matt highlights the role of automation and predictive analytics in modernising regulatory compliance. By using advanced AI algorithms, SteelEye can detect suspicious trading behaviours faster and streamline compliance operations, reducing manual workload and improving response times.
Scaling Internationally: Expanding into India, Portugal, and Beyond
One of the most intriguing aspects of SteelEye’s growth story is its successful expansion into India. Initially struggling to establish a presence in Bangalore, the company faced challenges in retaining talent and scaling operations. However, COVID-19 unexpectedly became a catalyst for change. The shift to remote work allowed SteelEye to build a strong engineering team in India, increasing its workforce from five employees to over 40 with minimal attrition.
Matt highlights that a key learning from this expansion was the importance of creating a strong cultural foundation. By investing in state-of-the-art office spaces, adopting flexible work policies, and ensuring consistent employee engagement, SteelEye was able to create a sustainable talent pipeline. The company applied similar principles to its Portugal office, leveraging the region’s rich talent pool in data science and AI development. With teams now spanning multiple time zones, SteelEye has positioned itself as a truly global FinTech compliance provider.
From Series B to Market Leadership: Overcoming Economic Headwinds
Raising capital during economic uncertainty is no easy feat, and Matt candidly discusses the difficulties of securing Series B funding in 2022. The fundraising climate had dramatically shifted, with geopolitical uncertainty, rising energy prices, and an unstable government landscape affecting investor sentiment. Despite these challenges, SteelEye successfully closed its Series B round, securing strategic backing from Ten Coves Capital.
While many FinTech firms struggled with layoffs and cutbacks in 2023, SteelEye grew by 35% despite market turbulence. Matt attributes this to tight cost management, operational efficiency, and a relentless focus on client retention. Instead of over-hiring, the company prioritised process optimisation, margin improvements, and strategic international expansion.
Embracing AI and Cloud Innovation for the Future
A major highlight of the conversation is SteelEye’s commitment to AI-driven compliance solutions. The company undertook a significant re-engineering project, optimising its platform to reduce cloud computing costs by 50% while enhancing scalability. This shift has allowed SteelEye to offer clients a choice of cloud providers, including AWS, Azure, and private cloud solutions, ensuring greater flexibility and security.
Matt explains how AI is shaping the future of compliance, enabling firms to detect financial misconduct faster and automate complex regulatory tasks. By integrating machine learning algorithms, SteelEye has positioned itself as an industry leader in intelligent compliance analytics. Looking ahead, AI will play an even greater role in identifying risk patterns and improving surveillance accuracy, ensuring that financial institutions remain ahead of evolving regulations.
Additionally, the adoption of cloud-native technology is allowing SteelEye to scale faster and enhance data processing capabilities. This enables financial firms to access real-time compliance insights, reducing operational bottlenecks and improving regulatory oversight.
What’s Next for SteelEye and the Future of FinTech Compliance?
As the discussion wraps up, Matt shares his vision for SteelEye’s future. With a growing global presence, SteelEye is set to expand further into Asia, the Middle East, and North America. The company aims to onboard more Tier 1 financial institutions, solidifying its position as the go-to compliance provider for banks, hedge funds, and asset managers.
2025 is poised to be a landmark year for FinTech, with regulatory shifts, AI advancements, and geopolitical changes shaping the industry. SteelEye is at the forefront of this transformation, offering cutting-edge solutions that enable financial firms to navigate compliance with confidence. With a strong leadership team, innovative technology, and a commitment to client success, SteelEye is set to redefine the future of regulatory surveillance.
For those interested in the intersection of FinTech, compliance, and AI-driven innovation, this episode of FinTech Focus TV is a must-watch. Matt Smith’s insights provide a masterclass in scaling a FinTech business, overcoming economic headwinds, and building a resilient, future-proof compliance platform.
The latest FinTech Focus TV episode with Matt Smith, CEO of SteelEye, highlights critical themes that align closely with Harrington Starr’s role as a leading FinTech recruitment firm. SteelEye’s mission to enhance financial compliance and data management through advanced technology mirrors the demand for top-tier FinTech talent across Cloud Engineering, Cyber Security, Quantitative Finance, and more.
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As the FinTech industry continues to evolve, businesses require agile, adaptable teams that can keep pace with technological advancements. Whether it’s Quantitative Finance professionals developing risk models, Software Engineers enhancing AI-powered platforms, or Product Managers shaping compliance solutions, the talent behind these innovations is crucial.
This podcast episode underscores how firms like SteelEye rely on highly skilled professionals to scale successfully. At Harrington Starr, we bridge the gap between top FinTech firms and elite talent, ensuring that businesses have the right people to drive innovation in financial technology, regulatory compliance, and beyond. Whether it’s Cloud Engineering, IT Risk, or Network Engineering, we help organisations like SteelEye find the best talent to thrive in an increasingly complex financial landscape.
