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ThetaRay Lands $57 Million for Financial Crime Detection Technology

ThetaRay Lands $57 Million for Financial Crime Detection Technology
  • ThetaRay raised $57 million in a round led by Portage.
  • The funds bring the company’s total funding to $112 million.
  • ThetaRay will use the funds to fuel global expansion.

Financial crime fighting fintech ThetaRay announced today it has received $57 million. The growth round, which boosts the company’s total funding to $112 million, was led by Portage, with contributions from existing investors JVP, OurCrowd and others.

Israel-based ThetaRay will use the funds to accelerate global growth. “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,” said ThetaRay Founder and Chairman of JVP and Chairman of ThetaRay Erel Margalit.

“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” said ThetaRay’s recently appointed CEO Peter 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.”

Founded in 2013, ThetaRay leverages AI to monitor 11 billion transactions valued at $15 trillion on an annual basis. The company’s AML transaction monitoring and screening solution, SONAR, helps banks and fintechs screen both cross-border and domestic payments for money laundering. When compared to rule-based systems, SONAR results in 99% fewer false positives. Among the company’s clients are ClearBank, Travelex Bank, and Santander.

Photo by Anna Tarazevich