In the world of secure global payments, we have a company called ThetaRay. They are using some mind-blowing AI technology to power their solutions, and let me tell you, it’s pretty damn impressive. Just recently, they announced that they’ve raised a whopping $57 million in a growth round led by Portage. And get this, they’ve also got investments from other big players like JVP and OurCrowd. These guys are no joke.
Now, ThetaRay has offices in some pretty cool cities like New York, Madrid, London, Dubai, and Tel Aviv. And here’s the best part: they’ve just promoted Peter Reynolds to be their CEO. He used to be the Chief Revenue Officer, but now he’s taking the reins. Good for him.
Now, they didn’t spill the beans on their valuation in this funding round, but they did say that it’s gone up a lot compared to their previous round. And get this, they’ve raised a grand total of $150 million so far. That’s some serious dough.
But let me get into what makes ThetaRay so special. You see, global trade has been suffering because payment networks are getting too risk-averse. It’s causing a lot of problems with completing payments and making them unpredictable and expensive. But ThetaRay is here to save the day with their cloud-based transaction monitoring and screening solution. They’ve got this proprietary AI technology that allows them to monitor financial transactions and establish trusted transactions all over the world. It’s like magic, man.
And guess who’s on board with ThetaRay? Some major players in the financial world, that’s who. We’re talking about big shots like Santander, Travelex, Mashreq Bank, MFS Africa, and ClearBank. These guys know what’s up.
Now, I had a chance to talk to Peter Reynolds, the CEO of ThetaRay, and he dropped some knowledge on me. He said, and I quote, “Global payment infrastructure too often fails to accurately differentiate between perfectly legitimate transactions and ones from bad actors dealing with illicit funds.” And he’s right, man. We need a solution for that, and ThetaRay is bringing it.
But here’s the really cool part. ThetaRay’s growth has been off the charts. They’ve increased their number of clients by more than 10 times in just the last two years. And on top of that, their existing customers are expanding like crazy. They’ve got a net dollar retention rate of over 180%. That’s some serious growth right there. Unfortunately, they didn’t give us the exact numbers for their ARR, but I’m guessing it’s pretty damn impressive.
And here’s what Erel Margalit, Founder and Chairman of JVP and Chairman of ThetaRay, had to say about this whole thing. He said, and I quote, “Portage’s deep expertise in the FinTech and Financial Services space makes them the ideal partner as ThetaRay embarks on a new chapter of growth and geographic expansion.” These guys are ready to take over the world, man. They’re expanding their footprint across continents, from North America to South America, Europe, Africa, and Asia. They’re venturing into uncharted realms of innovation. It’s exciting stuff.
So there you have it, folks. ThetaRay is making some serious waves in the world of secure global payments. With their AI-powered solutions and a kick-ass team led by Peter Reynolds, they’re ready to take on the world. And with their recent funding round and investments from big players, they’ve got the firepower to make it happen. I can’t wait to see what they do next.