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Increased Funding Secured by ThetaRay, the Transaction Monitoring Tech Provider Backed by OurCrowd

ThetaRay, an AI-powered secure global payments company, has announced a significant growth round of investment led by Portage, with participation from existing investors such as JVP and OurCrowd. The total investment amounts to $57 million and will be used to accelerate ThetaRay’s global growth plans, particularly as banks and fintechs seek to replace legacy tools with next-generation financial crime detection technology.

ThetaRay has recently appointed Peter Reynolds, the former Chief Revenue Officer, as CEO. Reynolds expressed pride in the company’s role in revolutionizing global transactions to make them easier, safer, and more cost-effective. He also acknowledged the significant vote of confidence that the investment represents for ThetaRay’s technology and team.

The company offers a cloud-based transaction monitoring and screening solution that utilizes proprietary and patented AI technology to quickly and accurately monitor financial transactions. This allows for trusted transactions and enables banks and fintechs to grow their businesses and enter new markets while minimizing the risk of financial crime. Notable customers of ThetaRay include Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank.

Global trade has been hindered by risk-averse payment networks, leading to a reduction in global interbank corridors and making global payments difficult, unpredictable, and costly. ThetaRay aims to reverse this trend by promoting financial inclusion and unlocking business opportunities across regions and industries.

The company has experienced significant growth in recent years, with the number of clients increasing by over 10x and existing customers expanding at a net dollar retention rate of over 180%. As a result, its annual recurring revenue (ARR) has grown by over 5x.

Portage Capital Solutions, which specializes in fintech and financial services, expressed excitement in supporting ThetaRay and its innovative technology, noting that many banks and fintechs are seeking solutions to grow their businesses while managing risk and compliance costs.

Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay, emphasized Portage’s expertise in the fintech space, making them an ideal partner for ThetaRay’s growth and geographical expansion. He also highlighted the company’s readiness to expand its financial technology footprint globally and venture into new realms of innovation under the leadership of Peter Reynolds.

ThetaRay’s AI-powered SONAR transaction monitoring solution, based on artificial intelligence intuition, allows banks and fintechs to safely and reliably conduct cross-border payments, expanding their business opportunities. The solution not only improves customer satisfaction but also reduces compliance costs and enhances risk coverage.

Financial organizations that rely on complex ecosystems benefit from ThetaRay’s unmatched low false positive rates and high detection rates. The company’s technology provides a much-needed solution as legacy systems prove ineffective in combating financial crime.

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