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ThetaRay raises $57m for AI-powered financial crime detection

By Delisha Fernandes

September 07, 2023

  • AI Powered
  • AML
  • Banks
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ThetaRay, AI-Powered, Banks, FinTechs, Portage, investments, financial inclusion, AML, FinTech news, FinTech ISRAEL  ThetaRay, a next-generation AI-powered secure global payments provider, has announced a significant growth round led by Portage, with investments by existing investors JVP, OurCrowd and others.

The investment, totaling $57 Million, will enable ThetaRay to accelerate global growth plans and capitalise on significant market demand as Banks and FinTechs urgently look to replace legacy tools with next-generation financial crime detection technology.

“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” said Peter Reynolds, CEO of ThetaRay. “We are proud to be at the forefront of the revolution to make global transactions easier, safer and cheaper and are keenly aware of the massive vote of confidence this investment is in both our technology and our team.”

ThetaRay’s cloud-based transaction monitoring and screening solution uses market proprietary and patented AI technology to monitor financial transactions quickly and accurately. This allows the simple and safe flow of funds across the world by establishing trusted transactions, enabling Banks and FinTechs to grow their business and enter new markets while making more efficient use of their internal resources and reducing the risk of financial crime.

Global trade has suffered from payment networks becoming risk averse, seeing global interbank corridors reduce by 40%, causing global payments to become hard to complete, unpredictable and costly. ThetaRay turns this trajectory on its head, and ushers in financial inclusion, unlocking business across regions and industries

“Portage’s deep expertise in the FinTech and Financial Services space makes them the ideal partner as ThetaRay embarks on a new chapter of growth and geographic expansion,” said Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay. “Guided by the adept leadership of Peter Reynolds, the resolute ThetaRay team stands ready to expand its financial technology footprint across continents – spanning North America, South America, Europe, Africa, and Asia – and venture into uncharted realms of innovation.”

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