ThetaRay Secures $57 Million in Funding for AI-Powered Secure Global Payments


ThetaRay, a leader in AI-powered secure global payments, has successfully raised $57 million in a growth round led by Portage. Existing investors, including JVP and OurCrowd, also participated in the round. This funding will enable ThetaRay to accelerate its global growth plans and meet the growing demand for next-generation financial crime detection technology among banks and FinTech companies.

ThetaRay offers a cloud-based transaction monitoring and screening solution that uses proprietary and patented AI technology to quickly and accurately monitor financial transactions. The system helps establish trusted transactions, enabling banks and FinTechs to facilitate secure cross-border payments, expand their business, and enter new markets while optimizing internal resources and reducing the risk of financial crime.

ThetaRay’s clients include major financial institutions such as Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank.

ThetaRay’s AI-powered SONAR transaction monitoring solution is designed to enhance cross-border payments’ safety and reliability. It improves customer satisfaction, reduces compliance costs, and enhances risk coverage for financial organizations operating within complex ecosystems. The company has seen significant business growth, with the number of clients increasing more than tenfold over the past two years and existing customers expanding with a net dollar retention rate of over 180%, resulting in a fivefold growth in ARR.

Devon Kirk, Partner and Co-Head of Portage Capital Solutions, expressed excitement about supporting ThetaRay as they expand their AI-powered technology to a broader global customer base. He highlighted that banks and FinTechs are seeking innovative solutions to grow their businesses while managing risk and compliance costs.

ThetaRay’s solution addresses the challenges posed by global payment networks’ risk aversion, which has led to a reduction in global interbank corridors. By enhancing financial inclusion and facilitating secure cross-border transactions, ThetaRay aims to unlock business opportunities across regions and industries.

Peter Reynolds, CEO of ThetaRay, emphasized the company’s commitment to making global transactions easier, safer, and more cost-effective. He acknowledged the investment as a significant vote of confidence in both the technology and the team.

ThetaRay intends to leverage this funding to continue expanding globally and exploring new opportunities for innovation in the financial technology sector.

ThetaRay is a leader in next-generation AI-powered secure global payments. The company offers a cloud-based transaction monitoring and screening solution that uses proprietary and patented AI technology to facilitate secure cross-border payments and financial transactions.

ThetaRay’s solution enhances customer satisfaction, reduces compliance costs, and improves risk coverage for financial organizations. The company serves a diverse range of clients, including major banks and FinTech companies. ThetaRay is headquartered in New York, with offices in Madrid, London, Dubai, and Tel Aviv.

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