Singapore-headquartered tech enterprise solutions provider Tookitaki, on Monday, announced that it has raised $11.7 Mn in Series A funding round led by Viola Fintech and SIG Asia Investment. Additionally, the company has also announced the closing of its Series A funding round after raising a total of $19.2 Mn.
The funding round also saw investments coming from Nomura Holdings through its venture capital arm Nomura Incubation Investment Limited Partnership, and Tookitaki’s existing investors — Illuminate Financial, Jungle Ventures and SEEDs Capital Pte Ltd.
With the recently raised funds, the company plans to enhance its product offerings and drive technological innovation to help fuel its ongoing offerings against money laundering and reconciliation issues.
Additionally, Tootitaki, which is eyeing for its US and Europe expansion, is also planning to aggressively grow its research and development team in Singapore and Bangalore, India. To drive this initiative, Tootitaki has also appointed Subhas Samanta, former director at LinkedIn, as vice president of research and development of Tookitaki.
Tookitaki claims that its key offerings in the anti-money laundering (AML) and reconciliation space have already helped it to surpass 300% year-over-year revenue growth over the last two years with plans to further bolster the growth.
Founded in 2014 by Abhishek Chatterjee and Jeeta Bandopadhyay, Tookitaki combines advanced technologies such as artificial intelligence (AI), machine learning (ML), distributed data-parallel architecture, and deep business expertise to create the building blocks of sustainable compliance management for the banking and financial services industry (BFSI).
Chatterjee, who is also the CEO of Tookitaki, said that with the backing of the company’s strategic global investors, Tookitaki is better placed to grow its presence across the US and the Asia-Pacific region.
Further, Tomer Michaeli, the general partner at Viola Fintech — a $120 Mn cross-stage venture capital fund that coinvests globally in fintech companies — will also join Tookitaki’s board of directors.
Explaining more about the Tookitaki’s offerings, Michaeli said that the company’s pragmatic way of creating an overlay on top of legacy AML systems helps to increase accuracy and significantly lower operating costs for financial institutions. “Moreover, its regulator-ready “glass box” solution shows an innovative approach and a deep understanding of the challenges in the modern anti-money laundering (AML) solutions market,” Michaeli added.
Recently, Tookitaki has also filed a patent on explainable AI and machine learning frameworks and models to bring transparency into the validation process and output interpretability by banking customers and regulators.
Additionally, the startup was also a part of the 2017 Nomura fintech accelerator programme, Voyager, which provided support to startups working in finding banking solutions by using deep technologies such as AI and ML.
Correction Note | 11:05, November 26, 2019
An earlier version of the article erroneously stated that Tookitaki was a part of 2017 Nomura fintech accelerator programme, Voyage. The same has been updated to Voyager.