- ThetaRay, which is based in Israel, has said that it has secured tens of millions of US dollars in funding as part of a push to expand its current target market for niche cross-border payments security.
- The firm, which has worked with major banks such Banco Santander as well as governments such as that of Nigeria, will also use the cash to add some of its services to the cloud.
- A senior figure at ThetaRay said that the company was looking forward to working on what he described as a “revolution”.
An Israel-based firm operating in a part of the cross-border payments world has confirmed that it has secured a round of extra finding.
ThetaRay, which offers software and technology for financial firms looking to defend themselves against financial crime, said that it had secured $31m overall.
Some of the investors that joined the funding round were already on board, and included OurCrowd and SBT.
Others, however, were completely new to the company.
These included Eric Benhamou, who invested through Benhamou Global Ventures, and Saints Fund, which sent one of its managing partners to observe the ThetaRay board.
It is believed that ThetaRay has raised over $90m in funding.
It intends to put this funding to use by putting its existing software, which helps firms reduce the risk of fraud during online money transfers, in the cloud.
It also plans to target new consumer segments.
In a statement, Mark Gazit, who serves as the chief executive officer of ThetaRay, said that the company was close to a “revolution” when it comes to safety in payments.
“We are on the verge of a real revolution in securing the global financial system,” he said.
“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.”
He went on to say that ThetaRay’s solution was able to offer almost a full alert reduction service.
“Furthermore, ThetaRay’s unique and reliable solution allows full detection of known and unknown threats, as well as a 99% alert reduction compared to legacy systems,” he explained.
He also shed some more light on the company’s decision to launch a cloud-based version of its software.
“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,” he said.
The moment is also significant for ThetaRay due to its recent partnerships with leading governments.
The company said that it will be working alongside the governments of the Ukraine and also Nigeria.
The two countries will put ThetaRay’s plans into action in their fight against corruption.
It comes after household-name financial institutions, such as Banco Santander, also revealed their commitment to using the software.
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