ThetaRay Raises $31 million in latest round of fund raise
ThetaRay, the Israeli fintech firm which helps banks and other financial institutions to track whether their funds are being used for illegal purposes, has announced that it has completed a fund raising round for $31 million.
The new investors include Eric Benhamou and Saints Fund and this round brings the total amount of funds raised so far, to more than $90 million.
The company is expected to use the funds to grow the features of its product and expand its user base to include any company that handles cross-border payments, which in itself is a huge industry in these times.
ThetaRay’s solutions are being used by banks and even governments as it helps to sniff out financial crime with respect to cross-border payments. The company has also announced that the governments of Nigeria and Ukraine have implemented their solutions for fighting corruption and terrorism.
Erel Margalit, JVP founder and Chairman, and ThetaRay’s Board Chairman said: “From a company that led the field of AML (Anti-Money Laundering) technologically, ThetaRay is changing the picture and bringing revolutionary products to the field of Cross-Border Payments, which will allow banks to dramatically increase, their income enabling safe and unrestricted money transfers in both large and small banks. This revolution will enable many organizations and people around the world to transfer money faster, more securely and with far fewer fees and stops along the way. What Swift did to the banking world 25 years ago, ThetaRay will do to the banking world in the next ten years. Business security and co-operation between countries will be possible when financial cybercriminals are left out of the secure system that ThetaRay has created together with the banks.”
The flagship product of ThetaRay is its Financial Crimes Prevention Solution which is a platform designed to reduce risks in payments and it helps the banks and financial institutions to ensure that their platforms are not used for money laundering and other financial crimes.
The number of cross-border payments has increased manifold over the last few months due to the pandemic and it is important that these payments are processed quickly and correctly to ensure smooth commercial operations. But a part of these transactions are used for financial crimes and so the financial institutions have to use regulations to protect the customers and themselves as well.
This use of regulation slows down the speed of transfers which leads to the clogging of the payments flow around the world and this affects the global business.
It is this payments flow that ThetaRay solution helps to ease by analysing the transactions, their speed and other risk indicators to look for any anomalies and detect any risk of money laundering activities and this helps the financial institutions immensely.
