Enterprise software solutions provider Tookitaki, the Singapore and Bangalore based Analytics Company has bagged a $7.5 million Series A capital from London-based Illuminate Financial and Singapore based VC firm Jungle Ventures.
The latest investment round takes the total capital raised by the firm to $8.7 million also saw participation from Enterprise Singapore, Supply Chain Angels, and VWX Capital. Blume Ventures, Rebright Partners, Spring Singapore, are the other backers who had backed the firm during the seed financing.
The firm said that a large chunk of freshly raised capital will go towards strengthening the firm's R&D capabilities. Launched in 2014 by Abhishek Chatterjee and Jeeta Bandopadhyay, the firm offers solutions which enable sustainable regulatory compliance programs in the financial services industry.
Chatterjee, the CEO, and co-founder of the firm commenting about the company said, "Sustainability in regulatory compliance is a key question today, as financial institutions try hard to deal with complex transactions, multiple data sources and stringent regulatory demands. FIs keep on spending a lot of time, resources and money on antiquated systems with rules-based workflows and heavy dependency on the manual investigation but they have become vexatious for compliance personnel. Not to mention, the huge financial and reputational risk in case of regulatory lapses."
Anti-Money Laundering Suite (AMLS) is one of the AI-powered product of the firm which helps in improving operational efficiency, decreases the risk of money laundering and reduces the cost compliance as well. Reconciliation Suite is another AI and ML powered product of Tookitaki which has the capability of improving quality and efficiency in the investigation process.
Mark Rodrigues, a partner at Illuminate is set to join the board of the firm. Talking about the infusion in the company Rodrigues says, "Tookitaki's combination of advanced technologies and deep industry knowledge are a solid foundation that has helped the company gain meaningful industry engagement. 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. We're excited to join the journey and to help build this company into a global leader in their space."
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