TrackWizz Secures Funding To Help Financial Institutions Fight Financial Crimes

Mumbai-based regulatory technology (regtech) company TrackWizz has raised an undisclosed amount of funding from WestBridge Capital at a valuation of INR 900 Cr. This is the first investment round raised by the regtech company.

TSS Consultancy, the parent company of TrackWizz, plans to deploy the funds for research & development and to scale its SaaS offerings, including the launch of new products in niche areas of financial crime.

Founded in 2008 by Sagar, Sameer and Chandrakant Tanna and headquartered in Mumbai, TSS Consultancy is a financial technology and compliance partner for institutions including banks, stockbrokers, stock exchanges, hedge funds and other financial institutions.

TSS Consultancy’s TrackWizz is a software product suite which helps the finance industry fight financial crime, money laundering and terrorist financing, among others.

TrackWizz offers a curated watchlist, combined with transaction monitoring and regulatory reporting, making it an anti-money laundering (AML) solution. Under its AML solution, the platform provides relief to both small and large institutions by helping them prevent or report money laundering activities by using a risk-based approach.

Sagar Tanna, founder and CEO of TSS Consultancy, said, “We believe protecting our financial systems and complying with the law of the land is crucial. Our mission is to help every financial institution and empower financial soldiers to fight financial crime with cutting-edge technology and data intelligence with reasonable investments in the area of money laundering, KYC, Terrorist Financing and Insider Trading.”

TSS Consultancy claims to have been profitable since its inception, and growing its revenues by 43% in the last 12 months. The startup also claimed that TrackWizz was used by brokerage firms that generate about 70% of the daily trading volume on both major exchanges. 

TSS also claims to be working with 350+ companies, including Zerodha, HDFC Securities, ICICI Securities, Kotak 811, NSE, Bajaj Finserv and Edelweiss.

According to figures obtained from Tofler, TSS Consultancy posted revenue of INR 47 Cr in FY22, reporting a net profit of INR 16 Cr during the year, 100% higher Year-on-Year (YoY).

Deepak Ramineedi, Partner at WestBridge Capital, added, “We are excited to partner with TrackWizz as they expand their market leadership by enhancing their suite of robust and innovative products in a fast-growing compliance market, a top-of-mind space for both financial institutions and governments globally.”

According to a report by IBEF, the regtech market size was estimated to be $7.6 Bn in 2021 and is projected to be worth $19.5 Bn by 2026 with a CAGR of 20.8%. TSS has also recently become the first regtech company to obtain a licence to do business in the International Financial Centre (GIFT City).

India is one of the members of the Financial Action Task Force (FATF) and as part of this, it has an FIU (Financial Intelligence Unit), which is directly under the Ministry of Finance. All the businesses in the country are required to share suspicious information with this unit under the law if they suspect that a customer is doing suspicious transactions.

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