OurCrowd backed ThetaRay, the AI-enhanced Transaction Monitoring Tech Provider, Secures Additional Funding

ThetaRay, the AI-powered secure global payments with offices in New York, Madrid, London, Dubai and Tel Aviv, announced a significant growth round led by Portage, “with investments by existing investors JVP, OurCrowd and others.”

The investment, totaling $57 Million, will enable ThetaRay “to accelerate global growth plans and capitalize on significant market demand as Banks and FinTechs urgently look to replace legacy tools with next-generation financial crime detection technology.”

ThetaRay recently appointed Peter Reynolds – who had spearheaded the company’s growth as Chief Revenue Officer – as CEO.

Peter Reynolds, CEO of ThetaRay, 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.”

Global trade has suffered “from payment networks becoming risk averse, seeing global interbank corridors reduce by 40%, causing global payments to become hard to complete, unpredictable and costly. ThetaRay turns this trajectory on its head, and ushers in financial inclusion, unlocking business across regions and industries.”

As a result, ThetaRay is seeing dramatic business traction – “the number of clients grew more than 10x over the last two years while existing customers expanded at a staggering net dollar retention rate of over 180%, resulting in ARR growing over 5x.”

Devon Kirk, Partner and Co-Head of Portage Capital Solutions, said:

“We are excited to support ThetaRay as they bring their market-leading, AI-powered technology to new customers globally. We know that Banks and FinTechs are looking for ways to grow their businesses while managing risk and compliance costs and that in many areas, including AML, legacy systems are simply not working. ThetaRay is bringing much-needed innovation to enable transactions and fight financial crime.”

Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay, said:

“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. 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.”

As noted in the update, ThetaRay’s AI-powered SONAR transaction monitoring solution, based on “artificial intelligence intuition,” allows Banks and Fintechs “to expand their business opportunities through safe and reliable cross-border payments.”

The groundbreaking solution also “improves customer satisfaction, reduces compliance costs, and increases risk coverage.”

Financial organizations that rely on highly heterogeneous and complex ecosystems “benefit greatly from ThetaRay’s unmatchable low false positive and high detection rates. “

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