Tookitaki, a regtech startup based in Singapore, has raised an additional USD 11.7 million, bringing the total size of its Series A fundraise to USD 19.2 million.
Viola Fintech and SIG served as lead investors, along with Nomura Holdings’ VC arm, Nomura Incubation Investment. Existing investors including Illuminate Financial, Jungle Ventures, and Spring Seeds Capital, an investment arm of the Singapore government, also participated in the round.
Founded in 2014, Tookitaki builds AI regulatory compliance solutions for the financial services industry. The company’s key offerings include an anti-money laundering (AML) suite, which uses machine learning for transaction monitoring and name screening to help reduce false alerts and detect suspicious cases.
It partnered with United Overseas Bank to implement a machine learning-based AML solution within the bank’s current infrastructure.
Financial firms can also use the startup’s end-to-end reconciliation suite, which aims to improve match rates, detect exception types, and recommend adjustment amounts based on historical patterns.
The additional funding will allow Tookitaki to further develop its product offerings and invest more in its global expansion efforts, with the US and Asia Pacific as priority markets. It also plans to make more tech and business hires in its offices in Singapore, India, and the US.
According to a statement, the company looks to “aggressively” expand its R&D teams in Singapore and Bangalore. It has then appointed Subhas Samanta, a former director at LinkedIn, to serve as Tookitaki’s vice president of research and development to drive the initiative.
The company aims to improve its year-over-year revenue growth, which has already surpassed 300% over the last two years, it claims. Tookitaki attributes the strong performance to a global demand among financial institutions for solutions that help them stay “regulator-ready.”
This article first appeared on Tech in Asia.