Singapore-based regtech firm Tookitaki has raised an additional $11.7m in an extension of its previously announced Series A funding.
With the latest infusion, Tookitaki secured a total of $19.2m in the round including $7.5m raised in March this year.
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Viola Fintech and SIG Asia Investment jointly led the round, with Nomura also participating through its venture capital unit.
The regtech firm’s existing backers Illuminate Financial, Jungle Ventures and SEEDs Capital also joined.
The proceeds will be used to improve its anti-money laundering (AML) offerings as well as strengthen its headcount.
In a blog post, Tookitaki founder and CEO Abhishek Chatterjee said: “Tookitaki has been a high-growth company since its inception. In the last two years, our revenue grew by more than 300%.
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By GlobalData“We are excited to double down on this extended Series A round which will help Tookitaki enhance its product offerings in the AML and reconciliation spaces and drive technological innovation as well as spur recruitment of many more engineers, data scientists and other support talents across its global offices in Singapore, India, and the US.”
Founded in 2014, Tookitaki offers enterprise software solutions to enable financial institutions to combat money laundering.
It delivers machine-learning based financial compliance software that seeks to provide better coverage and ensure timely identification of unknown risks.
Recently, Tookitaki filed a patent application on AI and machine learning models to improve transparency in the validation process.
