ThetaRay, the Israeli fintech that helps banks monitor payment traffic to identify money laundering risks, has successfully raised $57 million in a recent funding round.
Portage, a specialist fintech investor, is leading this all-equity investment, with participation from JVP, OurCrowd, and other previous backers. This latest funding round brings ThetaRay’s total investment to $160 million and follows a remarkable tenfold growth in its customer base over the past two years.
Among ThetaRay’s clients are several major financial institutions, including Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank.
Peter Reynolds, CEO of ThetaRay, indicated that the new funds will be directed towards accelerating the company’s global growth initiatives and seizing the increasing demand for AI-based technologies within the $9 billion financial crime fighting sector.
“Global payment infrastructure too often fails to accurately distinguish between legitimate transactions and those involving illicit funds,” he stated. “We are proud to be at the forefront of the revolution to make global transactions easier, safer, and more cost-effective, and we recognize the significant endorsement this investment represents for our technology and our team.”