ThetaRay, the leader in next-generation AI-powered secure global payments with offices in New York, Madrid, London, Dubai, and Tel Aviv, today 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 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.
“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” said Reynolds. “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 patented AI technology to monitor financial transactions, allowing the 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.
“We are excited to support ThetaRay as they bring their market-leading, AI-powered technology to new customers globally,” said Devon Kirk, Partner and Co-Head of Portage Capital Solutions. “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.”
“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,” said Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay. “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.”
