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Fintech company ThetaRay raises $31 million

CM 18/05/2021 1

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ThetaRay, which enables the acceleration of cross-border payments between banks while blocking the funding of terrorist organizations such as Hezbollah and Hamas, said Tuesday it completed a $31 million fundraising round.
The round included new investors Eric Benhamou, investing through Benhamou Global Ventures, and Saints fund, as well as existing investors: OurCrowd, Bank Hapoalim SBT and others. With the latest round of investment, the company has raised more than $ 90 million.
The company said it intends to use the capital raised to market a cloud version of its products and expand its target audiences.  At the same time, ThetaRay also announced that the governments of Nigeria & Ukraine have successfully implemented ThetaRay’s solutions fighting terrorism and corruption.
The volume of cross-border money transfers is set to increase significantly in the post-Corona world, with a market estimated at $25 trillion a year. Governments and law enforcement agencies around the world have stepped up efforts to fight financial crimes of theft, fraud and money laundering, leading to tightened enforcement creating blockages in global commercial conduct.
This can cause many businesses severe difficulties in cross-border payments between banks, as well as business uncertainty & exclusion from the financial trade system. ThetaRay’s solution releases blockages created in the international trade arteries so the company can offer a secure transfer path to the global financial system.
“We are on the verge of a real revolution in securing the global financial system,” said ThetaRay CEO Mark Gazit. “During this period, when the cross-border payment network has become the lifeblood of the world trade infrastructure, ThetaRay is here to instill certainty and reduce risks in secure cross-border payments, furthermore ThetaRays solution offers a unique and reliable solution allowing full detection of known and unknown threats as well as a 99% alert reduction compared to legacy systems. Our target market has become almost endless with the launch of our cloud solution which guarantees the company’s aggressive growth in the coming years.”
“From a company that led the field of AML (Anti-Money Laundering) technologically, ThetaRay is changing the picture and bringing revolutionary products to the field of Cross-Border Payments, which will allow banks to dramatically increase, their income enabling safe and unrestricted money transfers in both large and small banks,” said Erel Margalit, JVP founder and Chairman, and ThetaRay’s Board Chairman.

“This revolution will enable many organizations and people around the world to transfer money faster, more securely and with far fewer fees and stops along the way. 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.”

Source: Jerusalem Post

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