Michelle ThompsonThetaRay, a global leader in next-generation AI-driven secure payments, has raised $57 million in new funding.
The company was successful in raising an enormous $57m. Portage prominently led this growth round, and it also included a significant amount of previous investors including JVP, OurCrowd, and others.
ThetaRay distinguishes itself by providing a cloud-based transaction monitoring and screening service. The company’s innovative AI technology allows it to correctly and quickly monitor financial transactions. This innovative strategy guarantees smooth and safe financial flows around the world while fostering confidence in business dealings. As a result, Banks and FinTechs may use this to grow their businesses, penetrate new markets, make the best use of internal resources, and most crucially, reduce the risk of financial crime.
ThetaRay is in a stronger position to further its objectives for international expansion thanks to this recent infusion of cash. The company seeks to satisfy the market’s growing demand, particularly that of Banks and FinTechs keen to replace antiquated systems with cutting-edge financial crime detection solutions.
The world of international trade has recently faced difficulties as payment networks have become increasingly risk-averse. Global interbank corridors have decreased by 40% as a result of this change, increasing the complexity, unpredictability, and cost of international transfers. ThetaRay is turning this disadvantage around, encouraging financial inclusion and opening up a wide range of business opportunities across many locations and industries. The company’s impact is clear; over the past two years, its clientele has grown more than tenfold. ARR has increased by more than 5 times as a result of this surge and the exponential growth of their existing consumer base.
Peter Reynolds, CEO of ThetaRay, observed that “too frequently, the global payment infrastructure fails to effectively distinguish between totally legitimate transactions and ones from criminal actors dealing with illicit funds. We are quite aware of the enormous vote of confidence this investment is both our technology and our team, and we are thrilled to be at the forefront of the change to make international transactions easier, safer, and cheaper.
Devon Kirk, Partner and Co-Head of Portage Capital Solutions, said, “We are thrilled to help ThetaRay as they bring their market-leading, AI-powered technology to new customers around the world. We are aware that legacy systems are failing in many areas, including AML, and that Banks and FinTechs are looking for ways to expand their businesses while controlling risk and compliance expenses. Innovators like ThetaRay are bringing about much-needed change to facilitate transactions and combat financial crime.
As the founder, chairman, and CEO of JVP as well as the CEO of ThetaRay, Erel Margalit, put it, “Portage’s significant knowledge in the FinTech and Financial Services industry makes them the appropriate partner as ThetaRay embarks on a new chapter of growth and geographic expansion. The steadfast ThetaRay team is prepared to grow its financial technology presence across continents, including North America, South America, Europe, Africa, and Asia, under Peter Reynolds’ skillful guidance, and to foray into unexplored areas of innovation.
