ThetaRay, a leader in next-generation AI-driven secure global payments, has secured $57 million in funding in a growth round led by Portage, with participation from existing investors including JVP and OurCrowd.
ThetaRay offers a cloud-based transaction monitoring and screening solution powered by patented AI technology. This technology enables rapid and accurate oversight of financial transactions, ensuring secure fund flows worldwide. Banks and FinTechs can utilize this solution to expand their operations, enter new markets, optimize resource utilization, and reduce financial crime risks.
With this funding, ThetaRay is poised to accelerate its global expansion efforts. The company aims to address the growing demand from Banks and FinTechs seeking to transition from outdated systems to innovative financial crime detection technologies.
The global trade landscape has faced challenges with payment networks becoming more risk-averse, resulting in a 40% decrease in global interbank corridors, complicating international payments. ThetaRay aims to reverse this trend, promote financial inclusion, and unlock business opportunities across regions and sectors. The company has experienced significant growth, with more than a tenfold increase in clients in the past two years and a corresponding expansion of its client base, leading to a more than 5x increase in Annual Recurring Revenue (ARR).
ThetaRay’s innovative approach to secure global payments is expected to contribute to the evolution of financial services by providing efficient and trustworthy transaction monitoring and screening solutions.
By FCCT Editorial Team
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