Tookitaki, a regtech firm serving the financial services sector, has secured $7.5m in Series A funding.
The funding round was led by venture capital firms Illuminate Financial and Jungle Ventures, based in London and Singapore, respectively.
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The two were joined by Enterprise Singapore, Supply Chain Angels and VWX Capital in the fundraising.
As part of the deal, Illuminate partner Mark Rodrigues will gain a seat on Tookitaki board.
Rodrigues noted: “Financial institutions have reached the breaking point in their compliance processes which has resulted in a series of very significant fines.
“Illuminate believes that Tookitaki is well positioned to help these institutions reach a point of sustainable compliance.”
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By GlobalDataTookitaki offers enterprise software solutions, with emphasis on anti-money laundering and reconciliation management.
The solutions are powered by technologies such as machine learning and artificial intelligence.
The firm has operations in Singapore, India, and the US.
It was founded by Abhishek Chatterjee, who said that the new capital will be used to boost the firm’s research and development capabilities.
Chatterjee said: “We created Tookitaki to help FIs create a sustainable framework by driving effectiveness and efficiency in current compliance programmes.
“From our inception, we have remained focused on research and development (R&D) to provide clients with cutting-edge software solutions that can establish tangible and quick value for investment.”
