Singapore’s AML regtech startup TookiTaki raised $11.7 million from its extended Series A funding. With that, it raised a total of $19.2 million from the round, the local media reported.
TookiTaki is an anti-money laundering software company. The latest funding round was led by Viola Fintech and SIG. In addition, Nomura through its venture capital arm Nomura Incubation Investment also participated in the funding.
Tomer Michaeli of Viola Fintech, told the local media that, “We found TookiTaki’s approach to be very unique, its pragmatic way of creating an overlay on top of legacy AML systems helps increase accuracy and significantly lower operating costs for financial institutions. Moreover, its regulator-ready “glass box” solution shows an innovative approach and a deep understanding of the challenges in the modern AML solutions market.”
Funds from the extended Series A funding will help the company to develop its product offerings and boost technological innovation. It will also help to encourage further recruitment in Singapore, India and the US offices.
The company plans to aggressively expand its research and development team in the US, Europe, Singapore and India. It has appointed former LinkedIn director Subhas Samanta as vice president of research and development.
TookiTaki uses machine learning models to analyse and arrive at sound decisions after a series of investigations. The company’s software has two models. The first one looks for suspicious transactions, while the other constantly updates money-laundering patterns categorising them as low, medium, and high-risks. This makes it easier for the company to carry out investigations in the future.