Abhishek Chatterjee, CEO & Founder of Tookitaki
Tookitaki Holding Pte. Ltd. (Tookitaki), a Singapore-based regulatory technology (regtech) company announces that it has received an extended funding of its Series A funding round for US$1.7 million led by Viola Fintech, an Israeli US$100 million cross-stage venture fund, and SIG, a global venture firm with early to mid-stage investments in over nine Asia-founded unicorn startups. They were joined by Nomura Holdings through its venture capital arm (Nomura Incubation Investment Limited Partnership) as well as existing investors including Illuminate Financial, Jungle Ventures, and Spring SEEDs Capital, an investment arm of the Singapore government.
With this new growth investment, Tookitaki has extended its Series A funding round to US$19.2 million.
The company said that it plans to use the funding to enhance its product offerings, help around research and development, recruitment, and to drive Tookitaki’s global expansion – with the US and Asia-Pacific as priority markets Singapore & New York, US.
Tookitaki was co-founded by entrepreneurs Abhishek Chatterjee, its CEO, and Jeeta Bandopadhyay, COO.
Abhishek is a former associate at JP Morgan, had observed the 2008 financial crisis first-hand, following which he noted that regulators were stricter about financial checks and balances in a bid to maintain financial stability. However, the overall volume of digital banking and e-money transactions rose swiftly over time.
Also Read: Regulatory tech company Tookitaki raises US$7.5M in Series A funding round
Tookitaki was formed in November 2014 from this need to provide sustainable compliance programs in banking and financial services industry (BFS), using technology that is powered by machine learning and distributed data-parallel architecture. Its key offerings include an Anti-Money Laundering Suite (AMLS) and a Reconciliation Suite (RS).
Abhishek Chatterjee, Founder and CEO of Tookitaki shared, “Our vision has always been to ensure sustainable compliance programs for every financial institution in the world. Backed by our strategic global investors, we are better placed to deliver on this vision by growing our presence significantly across the U.S. and the Asia-Pacific region.”
“This will enable us to offer our partners and customers the enhanced solutions around the anti-money laundering (AML) and reconciliation spaces, driving sustainability in their systems, processes and software investments,” Chatterjee added.
Along with the funding, Joe Friscia, former President of NICE Actimize, ex-Viola Fintech investee, has also joined Tookitaki on its board of advisors. Friscia will contribute over 30 years of experience in the financial crime and enterprise software spaces and will accelerate Tookitaki’s expansion in America.
In addition to its U.S. expansion, the company will expand its R&D team in Singapore and Bangalore, India. To drive this initiative, it has appointed Subhas Samanta, former Director at LinkedIn, as Vice President of Research and Development of Tookitaki.
Tookitaki has also partnered with United Overseas Bank, which is the third-largest bank in Southeast Asia that has 500 offices across 19 countries, to operationalise a machine learning-powered AML solution within the bank’s current infrastructure.
Tookitaki recently filed a patent on explainable AI and machine learning framework and models to bring transparency into the validation process and output interpretability by banking customers and regulators.
www.tookitaki.ai
The post AI-powered regtech startup Tookitaki secures US$19.2M in Series A funding, pledging to address global money laundering issue appeared first on e27.