Anti-Money Laundering Platform ThetaRay Raises $57M

Anti-Money Laundering Platform ThetaRay Raises $57M

Israeli ThetaRay, an AI-based anti-money laundering (AML) platform, has raised $57 million in a recent funding round. Specialist fintech investor Portage led the round with participation from previous investors, including ABN Amro, General Electric, Alibaba, PwC, and SVB Financial. The company has now raised approximately $160 million.

The United Nations estimates $800 billion to $2 trillion in annual illicit transactions, representing 2-5% of global GDP. Various groups, including terrorists, criminals, and tax evaders, are involved in this business. ThetaRay solves this problem by automatically scanning and identifying illicit transactions at banks and other financial institutions using its AI-powered SONAR transaction monitoring solution. Additionally, this innovative solution enhances customer satisfaction, reduces compliance costs, and increases risk coverage.

Devon Kirk, partner and co-head of Portage Capital Solutions said, “We did deep diligence on ThetaRay and see them as very clearly delineated in terms of effectiveness of AI and how to implement it. The tech can and will be applied in a wide range of contexts.”

ThetaRay has experienced significant growth in its customer base and annual recurring revenue, with customers ranging from traditional banks like Santander to fintech startups. The company has offices in New York, Madrid, London, Dubai and Tel Aviv.

ThetaRay’s CEO, Peter Reynolds, envisions continued business growth, exploring applications in various financial sectors, such as correspondence banking. The company also has plans for a public listing in the future when market conditions are favorable.

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