May 27, 2024

ThetaRay, the Israeli tech company that developed a revolutionary solution to accelerate cross-border payments between banks, raised $ 31 million in a new round of financing led by the JVP and BGV funds

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Mark Gazit newest-ThetaRay
Mark Gazit, ThetaRay CEO

ThetaRay, an Israeli technology company that helps accelerate cross-border payments between banks while protecting financial institutions from crime, announced today that it has completed a new round of fundraising for USD 31 million.

New investors include Eric Benhamou investing through Benhamou Global Ventures and the Saints Fund, which has appointed one of its managing partners as an observer to ThetaRay’s board of directors. Existing investors OurCrowd, Bank Hapoalim, SBT, among others, also participated in the round.

This round brings the total funding for ThetaRay to more than $ 90 million. The company intends to use the capital raised to complete the crime prevention revolution by expanding the cross-border payments market that is currently valued at $ 25 trillion a year, mitigating financial crime by marketing a cloud version of its products, and expanding your target audience to any organization that carries out cross-border payments.

Along with raising money, ThetaRay announced that the Nigerian and Ukrainian governments have successfully implemented ThetaRay solutions to combat terrorism and corruption. These governments have teamed up with some of the world’s largest banks, including Banco Santander, and have put ThetaRay’s revolutionary solution at the forefront of international trade and the war on global financial crime.

ThetaRay’s financial crime prevention solution is designed to instill security and reduce risk in cross-border payments, and to protect banks, financial technology (fintech) companies, and private companies offering payment transfers. It protects them against the abuse attempts that their money transfer platforms receive for sophisticated forms of money laundering. The solution reduces total cost of ownership (TCO), rapidly increases revenue, improves customer service, and drives ROI.

One of the most prominent phenomena in the flow of financial markets in the post-coronavirus era has been a significant increase in the volume of international money transfers. This market, estimated at USD 25 trillion a year, suffers from financial crime, including theft, fraud and money laundering. To address this problem and prevent the global economy from collapsing, governments and law enforcement agencies around the world have stepped up control over remittances and tightened law enforcement, creating roadblocks in global business conduct. As a result of these lockdowns, many companies are experiencing severe difficulties with cross-border payments between banks, as well as business uncertainty and exclusion from the financial trading system.

More than $ 10 billion is currently being invested in protective measures to meet these challenges. ThetaRay’s solution, designed to unblock blockages within the arteries of international trade, is now available in the cloud. As a result, the company is able to offer a secure transfer path to the global financial system, which includes banks of all sizes, governments, fintech companies, payment service providers (PSPs), and all currencies, including digital ones. For the first time, financial organizations, both private and government, will be able to offer better services to their clients and increase their revenues significantly, while reducing their risks,

Erel Margalit , Founder and Chairman of JVP, and Chairman of the Board of ThetaRay,said: “From a company that led the field of anti-money laundering (AML) technologically, ThetaRay is changing the image and bringing revolutionary products to the field of cross-border payments, which will allow banks to dramatically increase their revenues. , enabling safe and unlimited money transfers in both large and small banks. This revolution will allow many organizations and individuals around the world to transfer money more quickly, safely and with far fewer fees and stops along the way. Swift code did to the banking world 25 years ago, ThetaRay will do it for the next ten years.Business security and cooperation between countries will be possible when financial cybercriminals are left out of the secure system that ThetaRay has created together with the banks. “

Mark Gazit , CEO of ThetaRay stated: “We are about to achieve a true revolution in securing the global financial system. During this period, when the cross-border payment network has become the lifeblood of the world’s commercial infrastructure, ThetaRay is here to instill security and reduce risk. in secure cross-border payments. Additionally, ThetaRay’s unique and reliable solution enables full detection of known and unknown threats, as well as a 99% reduction in alerts compared to legacy systems. Our target market has become almost endless with the launch of our cloud solution, which guarantees the aggressive growth of the company for the coming years. We thank our current investors, especially JVP, for their trust in the company and its solutions, and we welcome new investors who have joined us. “

Eric Benhamou , Founder and General Partner of BGV,  added: “ThetaRay’s technological prowess is truly impressive. Its product enables financial institutions to reduce the risks of fraud associated with correspondent banking, lower operating costs, improve their service and increase earnings. I am confident that the investment in ThetaRay will yield a significant return for BGV and I am pleased to support a world-class team driving disruptive innovation in the international payments market. “

ThetaRay has shown consistent and significant growth year over year. The cloud version of ThetaRay products will allow their customers to compete successfully in the payment transfer system that has traditionally included only large banks that can ensure regulatory compliance and reliability. ThetaRay clients, some of which are the largest international Tier 1 banks, are also exploring the cloud solution to better serve their clients, understanding that they can significantly increase their revenue while reducing risk. and lower operating costs.

The solution is based on an algorithm developed over a decade by leading mathematicians, and is based on advanced machine learning that can detect signs of money laundering before it is executed. The particularly low percentage of false alarms also contributes to the efficiency of the solution for banks dealing with money laundering risks and different operational risks. ThetaRay has also won many awards as the industry leading technology solution for financial institution regulation and compliance.

About ThetaRay :

ThetaRay’s revolutionary AI-powered SaaS solution for cross-border payment transaction monitoring enables banks to expand their business opportunities by achieving secure and reliable monitoring of cross-border payments. ThetaRay technology is the only integrated SaaS offering that analyzes SWIFT traffic, risk indicators, and customer / payer / payee data for anomalies indicating money laundering activity across complex and cross-border transaction routes.

It is also one of the only AI-powered AML solutions that can be easily integrated and deployed in a matter of days, with minimal implementation requirements. ThetaRay solution enhances discovery capabilities for both supervised and unsupervised data, and includes profiling and advanced analytical assessments, all on one platform. Financial organizations that depend on highly heterogeneous and complex ecosystems benefit greatly from ThetaRay’s low false positive rates.

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