Israel-based AI-powered anti-money laundering provider ThetaRay has raised USD 57 million in funding round in order to offer new business opportunities to banks and fintechs. Following this announcement, the company will use the raise in order to expedite international expansion, as well as to improve its set of services so it meets the needs, preferences, and demands of its customers and of the overall market.

ThetaRay’s cloud-based transaction monitoring and screening solution was designed to use efficient and secure proprietary and patented artificial intelligence technology in order to monitor financial transactions and payments accurately and fast. The product offers customers the possibility to benefit from a simple and safe flow of funds across the globe, while also providing banks, financial institutions, and companies with the possibility to develop their business and enter new markets. Moreover, this also makes more efficient use of the institutions’ internal resources, while reducing the risks of financial crime at the same time.

The funding round was led by Portage, and ThetaRay’s expansion includes areas such as North America, South America, Africa, Asia, and Europe. ThetaRay’s recent partnerships and product launches ThetaRay had multiple partnerships and launches in the last couple of months, covering several different geographical areas worldwide. In July 2023, ThetaRay announced its partnership with South Africa-based remittance platform Clicksendnow in order to minimise exposure to financial crime and online threads.

Following this partnership, Clicksendnow was set to implement ThetaRay’s SONAR platform for offering automated transaction monitoring and sanction screening processes. This aimed to decrease the overall vulnerability to anti-money laundering (AML) and other financial crimes, while also improving the manner in which the company develops. Moreover, the partnership focused on enabling Clicksendnow to scale in an efficient and secure manner, in compliance with the regulatory requirements and laws of the region.

Through the implementation of ThetaRay’s SONAL AML system, Clicksendnow was given the ability to detect the earliest signs of sophisticated money laundering activities, as well as mitigate risk and fraud. Earlier in the same month, ThetaRay made its AI-based transaction monitoring service SONAL available on the Microsoft Azure Marketplace. ThetaRay’s full-stack detection platform was designed to leverage a combination of rules-based, AI/ML risk-based, and network visualisation procedures to provide insight into the financial networks, in order to detect financial crime.

The cloud-based SaaS system was set to allow banks and financial institutions to develop their business in a fast and secure manner, while also complying with global regulators and reducing risks. As part of its status as a Microsoft Cloud Solution provider, SONAR was made available through the Microsoft Azure Marketplace, enabling clients to take advantage of the productive and trusted Azure platform, with streamlined deployment and management. .