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ThetaRay Raises $57 Million for Fintech Security

ThetaRay uses AI for fintech cybersecurity.


From Right to Left: Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay; Devon Kirk, Partner and Co-Head of Portage Capital Solutions and Peter Reynolds, CEO of ThetaRay. Photo Credit: Alon Talmor.

ThetaRay, an Israeli cybersecurity startup that enables the acceleration of cross-border payments between banks while protecting financial institutions from financial crime, raised $57 million in a growth round of investment led by Portage, with investments by existing investors JVP, OurCrowd and others. The firm calls itself a leader in next-generation AI-powered secure global payments and has offices in New York, Madrid, London, Dubai and Tel Aviv.

There has been a lot of talk about AI – artificial intelligence – lately, with the release of new AI programs like OpenAI’s Chat GPT. Artificial intelligence powered means that a machine or device is using artificial intelligence to perform a task. This can be anything from simple tasks like recognizing objects in an image to complex tasks like playing chess or Go. But AI has a lot to more to offer than just a new way for students to cheat on their homework.

Artificial intelligence is a rapidly growing field, and it is being used in more and more applications and field like fintech and cybersecurity or when the two fields come together like with ThetaRay.

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Fintech is anything new having to do with using technology to improve the transfers of money, or payments. This includes just about everything like every time a person pays for something on line. This, of course, comes with a need for improved cybersecurity to protect all such transactions. So it makes sense that a company like ThetaRay specializes in fintech cybersecurity.

Founded in 2013, ThetaRay states that it is dedicated to helping clients at large financial organizations, cyber security divisions and critical infrastructure become more resilient and seize opportunities. The company boasts that its advanced analytical solutions operate with “unprecedented speed, accuracy and scale, enabling clients to manage risk, detect money laundering schemes, uncover fraud, expose bad loans, uncover operational issues and reveal valuable new growth opportunities.”

ThetaRay says that its financial Crimes Prevention Solution is designed to instill certainty and reduce risks in cross-border payments, and to protect banks, fintech companies and private companies that offer payment transfers. It protects them against attempts to abuse their money transfer platforms for sophisticated money laundering. The solution reduces total cost of ownership (TCO), quickly increases revenues, improves customer service, and boosts ROI.

“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. “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.”



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