TL;DR:
- ThetaRay, an AI-powered secure payment solutions provider, raised $57 million in a growth funding round led by Portage, with participation from existing investors JVP and OurCrowd.
- Peter Reynolds has been appointed as the new CEO, succeeding Mark Gazit, who assumes an advisory role.
- The funding round saw a significant increase in ThetaRay’s valuation, bringing its total raised capital to $150 million.
- ThetaRay addresses the challenges in global trade by offering cloud-based transaction monitoring and screening using proprietary AI technology.
- Clients include major financial institutions such as Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank.
- The company’s client base has grown over tenfold in the last two years, with a net dollar retention rate of over 180% and significant ARR growth.
Main AI News:
In a move that underscores its commitment to transforming the landscape of global payments, ThetaRay, the leading developer of AI-powered secure payment solutions, has successfully secured $57 million in a recent growth funding round. The funding was spearheaded by Portage, a key player in the investment arena, and saw participation from existing investors, including JVP and OurCrowd. This strategic infusion of capital will undoubtedly propel ThetaRay to new heights as it continues to disrupt and innovate in the realm of financial technology.
With an extensive global presence, including offices in New York, Madrid, London, Dubai, and Tel Aviv, ThetaRay is poised for substantial expansion and influence under the astute leadership of its newly appointed CEO, Peter Reynolds. Reynolds, who previously served as Chief Revenue Officer, has taken the helm, succeeding Mark Gazit, who has transitioned into an advisory role within the organization.
Although specific valuation figures from the funding round were not disclosed, ThetaRay did emphasize that it represented a significant increase compared to its previous valuation. This successful funding round adds to ThetaRay’s already impressive financial backing, which now totals an impressive $150 million in cumulative investments.
The imperative need for ThetaRay’s cutting-edge solutions is underscored by the challenges faced in today’s global trade landscape. An increasingly risk-averse approach by payment networks has led to complications in executing international payments, making them unpredictable and costly. In response to these challenges, ThetaRay offers a game-changing cloud-based transaction monitoring and screening solution powered by proprietary and patented AI technology. This innovation ensures the smooth flow of funds worldwide by establishing trust in transactions, mitigating risks, and enhancing security.
ThetaRay’s esteemed clientele comprises some of the world’s foremost financial institutions, including Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank. These industry leaders rely on ThetaRay’s advanced technology to navigate the complex global payment ecosystem efficiently.
“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” noted Peter Reynolds, CEO of ThetaRay. This statement underscores the pivotal role that ThetaRay plays in rectifying this critical issue, ensuring the integrity and security of global financial transactions.
ThetaRay’s remarkable growth is further exemplified by statistics indicating that its client base has multiplied more than tenfold in the last two years. Existing customers have exhibited exceptional loyalty, with a net dollar retention rate exceeding 180%, resulting in a remarkable fivefold growth in Annual Recurring Revenue (ARR). While specific ARR figures remain undisclosed, these statistics reflect ThetaRay’s unwavering commitment to delivering value to its clients.
Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay, commented, “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.”
Conclusion:
ThetaRay’s substantial funding and impressive growth signal its continued impact on the global payments landscape. With a focus on enhancing security and trust in financial transactions, the company is well-positioned for further expansion and innovation, offering valuable solutions in a market where accuracy and risk mitigation are paramount.
