AI-powered secure global payments company ThetaRay today announced the completion of a $57 million financing round led by Portage, with participation of existing investors JVP, OurCrowd and others. This brings to $148 million, the total amount raised by the company according to Start-Up Nation Central.
The investment will allow ThetaRay to accelerate global growth plans and capitalize on significant market demand as banks and fintech companies look to replace legacy tools with next-generation financial crime detection technology.
Founded in Israel in 2013, the company has offices in Tel Aviv, New York, Madrid, London, and Dubai. ThetaRay recently appointed Peter Reynolds, who has spearheaded the company’s growth as chief revenue officer, as CEO.
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."
ThetaRay’s cloud-based transaction monitoring and screening solution uses proprietary and patented AI technology to monitor financial transactions quickly and accurately. This allows the simple and safe flow of funds across the world by establishing trusted transactions, enabling Banks and FinTechs to grow their business and enter new markets while making more efficient use of their internal resources and reducing the risk of financial crime.
ThetaRay’s customers include some of the world’s most significant financial institutions such as Santander, Travelex, Mashreq Bank, MFS Africa and ClearBank.
As a result, ThetaRay is seeing rapid business traction with the number of clients growing more than tenfold over the last two years, while existing customers expanded at a staggering net dollar retention rate of over 180%, resulting in annual recurring revenue growing over fivefold. "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," said Erel Margalit, founder and chairman of JVP and ThetaRay chairman. "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."
Published by Globes, Israel business news - en.globes.co.il - on September 5, 2023.
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