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ThetaRay Raises $57 Million for AI-Driven Financial Crime Detection


Payments firm ThetaRay has raised $57 million to boost its financial crime detection capabilities.

The growth round, announced Tuesday (Sept. 5), was led by Portage and will allow ThetaRay to accelerate its global growth plans.

“Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds,” Peter Reynolds, ThetaRay’s recently appointed CEO, said in a news release.

“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,” he added. 

ThetaRay offers a cloud-based transaction monitoring and screening tool that uses artificial intelligence (AI) to track transactions and permit the safe flow of funds, helping banks and FinTechs reduce the risk of financial crime. Its customers include Santander, Travelex, Mashreq Bank, MFS Africa and ClearBank.

Global trade has suffered from payment networks becoming risk averse, seeing global interbank corridors reduced by 40%, causing global payments to become hard to complete, unpredictable and costly,”  the release said. “ThetaRay turns this trajectory on its head, and ushers in financial inclusion, unlocking business across regions and industries.” 


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