ThetaRay, an Israeli AI-based transaction monitoring and screening solution provider, secures $57 million in funding led by Portage, with participation from existing investors.
Facts
- ThetaRay, founded in 2013 and headquartered in Hod Hasharon, offers the cloud-based Sonar solution, utilizing patented AI technology to enhance financial transaction monitoring.
- Their solution aids banks and fintech companies in increasing efficiency and reducing the risk of financial crimes.
- Over the last two years, ThetaRay has experienced remarkable growth, with a 10x increase in its customer base and over 5x annual recurring revenue growth.
- Recent clients include Nigerian paytech VigiPay and UK open banking fintech Noda.
- Peter Reynolds, the CEO of ThetaRay, emphasizes the significance of the funding as a vote of confidence in the company’s team and technology.
- Devon Kirk, partner and co-head of Portage Capital Solutions, highlights ThetaRay’s role in bringing innovation to transaction processing and financial crime prevention.
- With the $57 million investment, ThetaRay aims to expand internationally and meet the growing demand for replacing legacy financial crime detection systems in the banking and fintech sectors.
