Tookitaki, a software-as-a-service (SaaS) firm which develops artificial intelligence-based sustainable compliance solutions for financial institutions, has raised $7.5 million (around Rs 54 crore) in a Series A round of funding.
Early-stage enterprise financial technology investor Illuminate Financial and Singapore-based VC firm Jungle Ventures jointly led the round.
Other investors who participated in the round were Enterprise Singapore, Supply Chain Angels and VWX Capital, Tookitaki said in a statement.
Founded and led by Abhishek Chatterjee, Tookitaki is headquartered in Singapore and has a presence in India and the US as well.
Mark Rodrigues, partner at Illuminate, will be joining Tookitaki’s board of directors as part of the deal.
The five-year-old company said that it will use the money to strengthen its research and development capabilities.
“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,” said Chatterjee.
The company uses advanced methods like artificial intelligence and machine learning, distributed systems and business expertise to develop solutions in the anti-money laundering and reconciliation space.
It has deployed its Anti-Money Laundering Suite (AMLS) software with United Overseas Bank in Asia. Tookitaki claims the tool was able to reduce 40% and 50% of false alerts in transaction monitoring and names screening, respectively, across all segments. The company has also deployed its Reconciliation Suite (RS) in global banks such as Societe Generale.
Tookitaki was part of T-Hub and HSBC’s fintech accelerator programme last year.