Tookitaki, a RegTech startup which aims to help financial institutions develop sustainable compliance programmes, has raised $7.5m through a venture capital-backed Series A round.
The round was co-led by London-based Illuminate Financial, an early-stage enterprise FinTech investor along with Singapore VC backer Jungle Ventures.
Other investors who participated in the round included Enterprise Singapore, Supply Chain Angels and VWX Capital,an investment group of senior banking executives.
The company says is attempting to combine tech including AI and machine learning, distributed systems and deep business expertise to create the building blocks of sustainable compliance management.
Tookitaki currently, which was launched in 2014, now has offices in Singapore, India and the US.
Company CEO Abhishek Chaterjee said, “Sustainability in regulatory compliance is a key question today, as financial institutions try hard to deal with complex transactions, multiple data sources and stringent regulatory demands.
“Financial institutions keep on spending a lot of time, resources and money on antiquated systems with rules-based workflows and heavy dependency on manual investigation but they have become vexatious for compliance personnel – not to mention, the huge financial and reputational risk in case of regulatory lapses.
“We created Tookitaki to help FIs create a sustainable framework by driving effectiveness and efficiency in current compliance programs.
“From our inception, we have remained focused on R&D to provide clients with cutting-edge software solutions that can establish tangible and quick value for investment. A large portion of the funding will be utilized in strengthening our R&D capabilities.”
Illuminate partner Mark Rodrigues added, “Tookitaki’s combination of advanced technologies and deep industry knowledge are a solid foundation that has helped the company gain meaningful industry engagement.
“Financial institutions have reached the breaking point in their compliance processes which has resulted in a series of very significant fines.
“Illuminate believes that Tookitaki is well positioned to help these institutions reach a point of sustainable compliance.”
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