ThetaRay nets $31m in fresh capital to help grow its market reach

ThetaRay, which claims to accelerate cross-border payments between banks whilst protecting them from financial crime, has netted $31m in funding.

Contributions to the round came from Benhamou Global Ventures and Saints Fund. Previous ThetaRay backers OurCrowd, Bank Hapoalim and SBT were also among the investors to the fresh round.

With the capital, the RegTech plans to “complete the crime prevention revolution”, which it hopes to achieve by expanding the cross-border payment market and mitigating fraud. Funds will also be used to target audiences in any organisation that deals in cross-border payments.

In addition to the round close, the company revealed the governments of Nigeria and Ukraine have successfully implemented its anti-terrorism and corruption solutions.

ThetaRay’s Financial Crimes Prevention Solution is designed to protect banks, FinTechs and private companies that offer payment transfers. It protects them from attempts to abuse their money transfer platforms for sophisticated money laundering.

The company claims the platform reduces total cost of ownership, increases revenues, improves customer services and boosts ROI.

ThetaRay CEO Mark Gazit said, “We are on the verge of a real revolution in securing the global financial system. During this period, when the cross-border payment network has become the lifeblood of the world trade infrastructure, ThetaRay is here to instill certainty and reduce risks in secure cross-border payments.”

Gazit added that the platform detects known and unknown threats, as well as has a 99% alert reduction.

JVP founder and chairman Erel Margalit said, “From a company that led the field of AML (Anti-Money Laundering) technologically, ThetaRay is changing the picture and bringing revolutionary products to the field of Cross-Border Payments, which will allow banks to dramatically increase, their income enabling safe and unrestricted money transfers in both large and small banks.

T2his revolution will enable many organizations and people around the world to transfer money faster, more securely and with far fewer fees and stops along the way. What Swift did to the banking world 25 years ago, ThetaRay will do to the banking world in the next ten years. Business security and co-operation between countries will be possible when financial cybercriminals are left out of the secure system that ThetaRay has created together with the banks.”

With the close of the round, the company has secured a total of $90m in funding. The company previously raised $30m in funding back in 2018.

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