AI-powered financial crime detection specialist ThetaRay has acquired the screening company Screena, although financial terms of the deal were not disclosed.
Screena provides banks and fintech firms with the ability to screen individuals, companies, and other entities against various lists of sanctioned parties, ensuring compliance with international laws and regulations while safeguarding reputations and enhancing financial security.
With this acquisition, Screena’s cloud-based AI-driven screening technology will be integrated into ThetaRay’s product suite, allowing financial institutions to gain a comprehensive view of transactional and customer screening risks.
This acquisition marks a significant step for ThetaRay as it evolves from an AI-focused transaction monitoring specialist to a comprehensive cloud-based financial crime detection platform. The Israeli-based company, which raised $57 million in a funding round last year, is currently operating in 40 countries across six continents, serving over 100 financial institutions including Santander, Payoneer, and Travelex.
Peter Reynolds, CEO of ThetaRay, commented, "The acquisition of Screena is a significant milestone for ThetaRay as we continue our mission to power the global fight against financial crime by enhancing our offerings with the most advanced AI capabilities. It furthers our commitment to delivering an end-to-end platform that enables banks, fintechs, and regulators to effectively identify financial crime – vital capabilities for growing and operating a financial institution today."
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