ThetaRay raises $57 million for AI-powered global payments solutions
ThetaRay raises $57 million for AI-powered global payments solutions
The Israeli startup’s cloud-based transaction monitoring and screening solution uses AI technology to monitor financial transactions and allow the flow of funds across the world by establishing trusted transactions
ThetaRay, which develops AI-powered secure global payments solutions, announced on Tuesday a $57 million growth round led by Portage, with investments by existing investors JVP, OurCrowd and others. The company, which has offices in New York, Madrid, London, Dubai and Tel Aviv, recently promoted Peter Reynolds from the role of Chief Revenue Officer to CEO. He replaced Mark Gazit, who shifted to an advisory role.
ThetaRay didn’t reveal its valuation in the funding round, but said that it rose significantly compared to its previous round. The company has raised a total of $150 million to date.
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From left to right: Peter Reynolds, CEO of ThetaRay, Devon Kirk, Partner and Co-Head of Portage Capital Solutions and Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay.
(Photo: Alon Talmor)
Global trade has suffered from payment networks becoming risk averse, causing global payments to become hard to complete, unpredictable and costly. ThetaRay’s cloud-based transaction monitoring and screening solution uses proprietary and patented AI technology to monitor financial transactions and allow the flow of funds across the world by establishing trusted transactions.
ThetaRay’s customers include some of the world’s most significant financial institutions such as Santander, Travelex, Mashreq Bank, MFS Africa and ClearBank.
“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” said Peter Reynolds, CEO of ThetaRay.
According to ThetaRay, its number of clients has grown more than 10x over the last two years while existing customers expanded at a net dollar retention rate of over 180%, resulting in ARR growing over 5x. The company did not reveal its ARR.
“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,” said Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay. “Guided by the adept leadership of Peter Reynolds, the resolute ThetaRay team stands ready to expand its financial technology footprint across continents – spanning North America, South America, Europe, Africa, and Asia – and venture into uncharted realms of innovation."
