ThetaRay raises $57 million to expand Its AI-powered transaction monitoring solution

ThetaRay, an Israeli company that offers an artificial intelligence (AI) solution for anti-money laundering (AML) transaction monitoring, has secured $57 million in a growth funding round led by Portage, a Canadian investment firm.

The round also saw the participation of existing investors JVP, OurCrowd, and others.

The company plans to use the new capital to accelerate its growth and expand its presence across various regions, including North America, South America, Europe, Africa, and Asia. ThetaRay aims to help payment fintech and banks increase their revenues and business opportunities by enabling trusted and reliable cross-border and domestic payments.

ThetaRay’s cloud-based transaction monitoring and screening solution leverages proprietary AI technology to detect and prevent financial crime, fraud, and money laundering. The solution allows financial institutions to establish trusted transactions and facilitate the flow of funds across the world. ThetaRay claims that its solution can reduce false positives by up to 90%, increase operational efficiency by up to 70%, and enhance customer experience by up to 50%.

ThetaRay’s clients include major financial institutions such as Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank. The company has seen significant growth in its number of clients and annual recurring revenue (ARR) over the last two years. ThetaRay was founded in 2013 and has offices in Israel, the US, the UK, Singapore, and Mexico.