Israeli fintech startup ThetaRay has successfully raised $57 million in a growth funding round led by Portage, CTECH reports.
With participation from existing investors, including JVP and OurCrowd, this funding round marks a significant milestone in ThetaRay's journey.
While ThetaRay has remained discreet about its current valuation, the company did reveal that it has experienced a substantial valuation surge compared to its previous funding round.
To date, ThetaRay has secured a remarkable total of $150 million in funding, solidifying its position as a fintech innovator.
Empowering Global Payments with AI
Peter Reynolds, the newly appointed CEO of ThetaRay, tells us that "global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds.
ThetaRay's innovative approach seeks to bridge this gap, providing a safer and more efficient financial ecosystem.
The company, which boasts offices in key global financial hubs such as New York, Madrid, London, Dubai, and Tel Aviv, offers cutting-edge cloud-based transaction monitoring and screening solutions underpinned by proprietary and patented AI technology.
ThetaRay's platform is designed to monitor financial transactions with unparalleled precision, allowing the seamless flow of funds across borders by establishing trust in transactions.
Trusted by Financial Giants
ThetaRay's success story is not without its key players, including some of the world's most significant financial institutions.
Institutions such as Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank have entrusted ThetaRay with financial security, further validating the company's capabilities and potential to reshape the financial landscape.
The company's impressive growth over the last two years is evident in its customer base, which has expanded more than tenfold.
Moreover, existing clients have demonstrated satisfaction with ThetaRay's services, contributing to a net dollar retention rate exceeding 180%.
These milestones have culminated in an astounding fivefold increase in Annual Recurring Revenue (ARR). While the precise ARR figure remains undisclosed, ThetaRay's trajectory speaks volumes about its trajectory in the fintech sphere.
Global Expansion on the Horizon
ThetaRay's strategic move to secure $57 million in funding has not gone unnoticed by industry leaders.
Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay, commented on the significance of the partnership with Portage: "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."
More Startups Using AI
Employee support startup Atomicwork has successfully raised $11 million in a seed funding round.
Atomicwork's game-changing strategy centers around artificial intelligence, harnessing its power to streamline and simplify employees' daily interactions with various tools.
The platform seamlessly integrates with popular collaboration tools like Slack and Microsoft Teams, using conversational intelligence to automate support, service delivery, and operational tasks at scale.
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