Enterprise tech start-up Tookitaki on Monday said it had raised $11.7 million in an extended Series A round from global investors, bringing the total size of Series A investment to $19.2 million. The company had raised $7.5 million in early 2019 as first part of Series A.
The current top up was co-led by Viola Fintech and SIG Asia Investment, followed by Nomura Holdings and the company’s existing investors, including Illuminate Financial, Jungle Ventures and SEEDs Capital Pte Ltd, an investment arm of the Singapore government.
Founded in 2014 by Abhishek Chatterjee, Tookitaki is headquartered in Singapore, with offices in India and the US, and helps banks fight money laundering through its artificial intelligence (AI) -powered solutions.
According to Chatterjee, the extended Series A round allows Tookitaki to enhance its product offerings and drive technological innovation in the anti-money laundering and reconciliation space. Additionally, the funds will be used to expand its presence across its offices in Singapore,US and India. “We are planning to increase our headcount in India by 3x and also plan to expand our research and engineering team in India under the leadership of our VP research and engineering Subhas Samanta," said Abhishek Chatterjee, CEO & Founder of Tookitaki.
Chatterjee’s aim is to revolutionize regulatory compliance and ensure sustainable compliance programmes for fintech institutions in the world. He said Tookitaki analytics platform and suite of machine learning-enabled software applications deliver end-to-end solutions and support multiple stakeholders to fight money laundering. The company has recently filed a patent on explainable AI and machine learning framework and models to bring greater transparency into the validation process.
As part of the deal, Tomer Michaeli of Viola Fintech, a $120 million cross-stage VC fund that co-invests globally in fintech companies, will join Tookitaki’s board of directors. “We found Tookitaki’s approach to be very unique, its pragmatic way of creating an overlay on top of legacy AML systems helps 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 AML solutions market," said Michaeli.