Israeli cybersecurity co ThetaRay raises $31m

Mark Gazit  photo: PR

ThetaRay enables the acceleration of cross border payments between banks while protecting financial institutions from financial crime.

Israeli cybersecurity company ThetaRay today announced the completion of a $ 31 million financing round led by JVP and Benhamou Global Ventures (BGV) with the participation of Saints fund and existing investors OurCrowd, Bank Hapoalim SBT and more. This brings to more than $ 90 million, the total amount raised by ThetaRay.

ThetaRay enables the acceleration of cross border payments between banks while protecting financial institutions from financial crime.

ThetaRay has also announced that the Nigerian and Ukrainian governments have successfully implemented ThetaRay’s solutions for fighting terrorism and corruption. These governments have joined some of the largest banks in the world among them Banco Santander in putting ThetaRay's revolutionary solution at the forefront of international commerce and the war against global financial crime.

ThetaRay's Financial Crimes Prevention Solution is designed to instill certainty and reduce risks in cross-border payments, and to protect banks, fin-tech companies, and private companies that offer payment transfers. It protects them from attempts to abuse their money transfer platforms for sophisticated money laundering. The solution reduces total cost of ownership (TCO), quickly increases revenues, improves customer service, and improves ROI.

JVP founder and chairman, and ThetaRay 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. This 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."

ThetaRay CEO Mark Gazit said, 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, furthermore ThetaRays solution offers a unique and reliable solution allowing full detection of known and unknown threats as well as a 99% alert reduction compared to legacy systems. Our target market has become almost endless with the launch of our cloud solution which guarantees the company’s aggressive growth in the coming years. We thank our existing investors, especially JVP, for their trust in the company and its solutions, and welcome the new investors that have joined us."

Published by Globes, Israel business news - en.globes.co.il - on May 18, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Mark Gazit  photo: PR
Mark Gazit photo: PR
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