ThetaRay, the Isralei fintech that enables banks to monitor payment traffic to sniff out money laundering risks, has completed a $31 million fundraising round.
New investors include Eric Benhamou, investing through Benhamou Global Ventures, and Saints Fund, which has appointed one of its managing partners as an observer to the ThetaRay board. Existing backers OurCrowd, Bank Hapoalim, SBT and others also participated.
The new financing brings ThetaRay's total funding to more than $90 million. The company intends to use the capital raised to market a cloud version of its AI-based anomaly-detection products, and expand its target audiences to any organization that deals in cross-border payments.
Designed to release compliance blockages within international trade arteries, Thetaray has recently scored a deal with the Governments of Nigeria & the Ukraine, along with a bevy of international banks to stamp out the use of international money transfer networks for laundering cash.
ThetaRay chairman Erel Margalit, comments: "What Swift did to the banking world 25 years ago, ThetaRay will do to the banking world in the next ten years. Business security and co-operation between countries will be possible when financial cybercriminals are left out of the secure system that ThetaRay has created together with the banks."