RegTech Startup Tookitaki Raises $11.7 Million in Series A Funding
In the ‘fintech startup news of the week’, RegTech specialist TookiTaki has announced its Series A funding of $11.7 Million. The company has raised $19.2 in total since its inception. The Series A round was co-led by Viola Fintech, SIG Asia Investment, a global venture firm, joined by Nomura Holdings through its venture capital arm Nomura Incubation Investment Limited Partnership. Existing investors including Illuminate Financial, Jungle Ventures, and SEEDs Capital Pte Ltd also participated.
Currently, Tookitaki has offices in the US, India, and Singapore.
What is RegTech?
RegTech is a portmanteau of Regulation Technology, affixed to the FinTech industry. The main functions of RegTech include FinTech analytics, regulatory monitoring, data modeling, and reporting, and financial compliance. It has witnessed the convergence of Finance, Computer Science and Big Data technologies in recent years. Today, RegTech platforms could be a suite of AI, Machine Learning, Deep Learning, Cybercrime Analytics, Cloud Computing, Blockchain sciences. It mostly covers for crimes related to money laundering and credit card frauds, in addition to the duplication of consumer data, and data breaches.
Tookitaki, as a startup in the RegTech ecosystem, provides revolutionary regulatory compliance and ensures sustainable compliance programs for every financial institution in the world. Today, Tookitaki is providing enterprise software solutions that create sustainable compliance programs for the FinTech industry. With wide-spanning specialization in finance, AI, Big Data Analytics and financial crime, the company is driven by values to fighting money laundering. It provides two products:
- Anti-Money Laundering Suite (AMLS)
- Reconciliation Suite (RS)
Innovations in AI ML to Fight FinTech Crimes
Tookitaki has excelled in bringing AI ML science to the core of the FinTech industry. The company creates smart AI ML to drive its RegTech engine, using Big Data and FintTech Analytics to solve real-world cybercrime problems arising from ambiguous sources.
Tookitaki enacts AI ML suites to closely manage the Transaction monitoring process. It uses the proprietary semi-supervised technique which is based on a combination of multi-dimensional unsupervised techniques, network analysis, and supervised learning.
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