UK RegTechs FundApps and SteelEye merge

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Together, FundApps and SteelEye will serve 350 clients including banks, asset managers, hedge funds, and commodities firms across 18 countries, with a combined Annual Recurring Revenue approaching £50mn and offices in London, New York, Singapore, India, and Portugal.

The merger follows FTV Capital’s initial growth equity investment in FundApps earlier this year which has been followed by an additional investment to bring the two companies together.

Andrew Patrick White, founder and CEO of FundApps, says: “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.”

Financial terms of the transaction were not disclosed.