ThetaRay Raises $31 Million in New Round of Funding
ThetaRay, an Israeli technology company that enables the acceleration of cross-border payments between banks while protecting financial institutions from financial crime, today announced that it has completed a new $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 investors OurCrowd, Bank Hapoalim, SBT and others also participated in the round.
This round brings ThetaRay’s total funding to more than $90 million. The company intends to use the capital raised to complete the crime prevention revolution by expanding the cross-border payment market that is currently valuated at $25T a year, mitigating financial crime by marketing a cloud version of its products, and expanding its target audiences to any organization that deals in cross-border payments.
Along with raising money, ThetaRay announces that the Governments of Nigeria & the Ukraine have successfully implemented ThetaRay’s solutions fighting terrorism and corruption. These governments have joined some of the largest banks in the world, including Banco Santander, putting ThetaRay’s revolutionary solution at the forefront of international commerce and the war against global financial crime.
ThetaRay’s Financial Crimes Prevention Solution is designed to instill certainty and reduce risks in cross-border payments, and to protect banks, fintech companies and private companies that offer payment transfers. It protects them against attempts to abuse their money transfer platforms for sophisticated money laundering. The solution reduces total cost of ownership (TCO), quickly increases revenues, improves customer service, and boosts ROI.
One of the most prominent phenomena in the conduct of financial markets in the post-Corona era has been the significant increase in volume of cross-border money transfers. This market, estimated at $25 trillion a year, suffers from being targeted for financial crime, including theft, fraud and money laundering. To address this issue and prevent the global economy from collapsing, governments and law enforcement agencies around the world have stepped up control over remittances and tightened enforcement, creating blockages in global commercial conduct. As a result of these blockages, many businesses are experiencing severe difficulties with cross-border payments between banks, as well as business uncertainty and exclusion from the financial trade system.
More than $10 billion are currently being invested in protection measures to address these challenges. ThetaRay’s solution, designed to release the blockages within the international trade arteries, is now available in the cloud. As a result, the company can 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 provide better services to their customers and increase their revenues significantly while reducing their risks, lowering their operational costs, and improving their ability to withstand intensifying compliance demands.