ThetaRay – a leader in next-generation AI-powered secure global payments – recently announced today a significant growth round led by Portage, with investments by existing investors JVP, OurCrowd, and others. This investment will enable ThetaRay to accelerate global growth plans and capitalize on significant market demand as Banks and FinTechs urgently look to replace legacy tools with next-generation financial crime detection technology. ThetaRay also recently appointed Peter Reynolds – who drove the company’s growth as Chief Revenue Officer as CEO.
ThetaRay’s cloud-based transaction monitoring and screening solution utilizes market-leading proprietary and patented AI technology to monitor financial transactions quickly and accurately. And this drives the simple and safe flow of funds worldwide by establishing trusted transactions, enabling Banks and FinTechs to grow their business and enter new markets while making more efficient use of their internal resources and reducing the risk of financial crime. ThetaRay’s customers include some of the most significant financial institutions, such as Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank.
Global trade has been suffering from payment networks becoming risk averse, seeing global interbank corridors reduce by 40%, causing global payments to become hard to complete, unpredictable, and costly. And ThetaRay turns this trajectory on its head and ushers in financial inclusion by unlocking business across industries and regions.
So ThetaRay is seeing dramatic business traction as the number of clients grew more than 10x over the last two years while existing customers expanded at a staggering net dollar retention rate of over 180%, resulting in ARR growing over 5x.
KEY QUOTES:
“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds. We’re proud to be at the forefront of the revolution to make global transactions easier, safer and cheaper and are keenly aware of the massive vote of confidence this investment is in both our technology and our team.”
— Peter Reynolds, CEO of ThetaRay
“We are excited to support ThetaRay as they bring their market-leading, AI-powered technology to new customers globally. We know that Banks and FinTechs are looking for ways to grow their businesses while managing risk and compliance costs and that in many areas, including AML, legacy systems are simply not working. ThetaRay is bringing much-needed innovation to enable transactions and fight financial crime.”
— Devon Kirk, Partner and Co-Head of Portage Capital Solutions
“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. 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.”
— Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay
