Tookitaki Closes US$19.2 Million Series A To Help Fight Money Launderingby Fintech News Singapore November 26, 2019
Tookitaki a Singaporean regtech firm announced today that it has raised an additional US$11.7 million in funding bringing its total investment for their Series A to US$ 19.2 million.
The extended Series A round allows Tookitaki to enhance its product offerings and drive technological innovation to help fuel their ongoing fight against money laundering and reconciliation issues, as well as spur business recruitment across its global offices in Singapore, India, and the U.S.
With its key offerings in the anti-money laundering (AML) and reconciliation space, Tookitaki aims to bolster its year-over-year revenue growth, which they claim has already surpassed 300 percent over the last two years.
Abhishek Chatterjee, Founder and CEO of Tookitaki shared,
“Our vision has always been to revolutionize regulatory compliance and ensure sustainable compliance programs for every financial institution in the world. Backed by our strategic global investors, we are better placed to deliver on this vision by growing our presence significantly across the U.S. and the Asia-Pacific region.”
Tookitaki was founded by Abhishek Chatterjee. He was formerly employed at JP Morgan, observed the 2008 financial crisis firsthand, and noted that regulators were stricter about financial checks and balances in a bid to maintain financial stability. However, the overall volume of digital banking and e-money transactions rose swiftly over time. Tookitaki was formed from this need to provide sustainable compliance programs in the banking and financial services industry (BFS), using technology that is powered by machine learning and distributed data-parallel architecture.