ThetaRay’s AI-powered global payment solution nets $57m funding


ThetaRay, a player in next-generation AI-driven secure global payments with a presence in diverse locations, has bagged $57m in funding.

The firm has successfully raised a whopping $57m. This growth round was prominently led by Portage, and it also saw considerable participation from existing investors such as JVP, OurCrowd, and others.

ThetaRay stands out in offering a cloud-based transaction monitoring and screening solution. Through its patented AI technology, the company can swiftly and accurately oversee financial transactions. This unique approach ensures smooth and secure fund flows across the globe, building trust in transactions. Consequently, Banks and FinTechs can effectively leverage this to expand their ventures, enter fresh markets, maximise internal resource use, and importantly, minimise financial crime risks.

With this fresh influx of capital, ThetaRay is in an even stronger position to fast-track its global expansion plans. The firm aims to meet the increasing market demand, especially from Banks and FinTechs eager to transition from outdated systems to innovative financial crime detection technologies.

The global trade arena has lately been experiencing challenges, with payment networks turning more risk-averse. This shift has resulted in a 40% drop in global interbank corridors, making international payments more complex, unpredictable, and expensive. However, ThetaRay is flipping this downside, promoting financial inclusion and unlocking myriad business possibilities across different regions and sectors. The company’s impact is evident – they’ve witnessed a more than tenfold increase in client numbers in the past two years. This rise has also seen their existing clientele base expand exponentially, resulting in ARR shooting up by over 5x.

ThetaRay CEO Peter Reynolds said, “Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds. We’re proud to be at the forefront of the revolution to make global transactions easier, safer and cheaper and are keenly aware of the massive vote of confidence this investment is in both our technology and our team.”

Portage Capital Solutions’ Partner and Co-Head, Devon Kirk, remarked, “We are excited to support ThetaRay as they bring their market-leading, AI-powered technology to new customers globally. We know that Banks and FinTechs are looking for ways to grow their businesses while managing risk and compliance costs and that in many areas, including AML, legacy systems are simply not working. ThetaRay is bringing much-needed innovation to enable transactions and fight financial crime.”

Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay, stated, “Portage’s deep expertise in the FinTech and Financial Services space makes them the ideal partner as ThetaRay embarks on a new chapter of growth and geographic expansion. Guided by the adept leadership of Peter Reynolds, the resolute ThetaRay team stands ready to expand its financial technology footprint across continents – spanning North America, South America, Europe, Africa, and Asia – and venture into uncharted realms of innovation.”

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