AI and big data analytics company ThetaRay has opened an office in Mexico.

The new location in Mexico City will also form ThetaRay’s Latin America headquarters. It will support the company’s Latin American customers in the detection of cybercrime schemes.

Furthermore, this is ThetaRay’s fifth office worldwide, joining those in Israel, the United States, the UK, and Singapore.

“Our Mexico office grants us the opportunity to become a leading provider in the important Latin America region, and to better assist our customers in the fight against global financial cybercrime,” said Mark Gazit, CEO of ThetaRay. “ThetaRay is experiencing considerable growth and success in 2019, and we are enthusiastic about continuing our global expansion.”

Felipe Mora Ververa, LatAma managing director, will oversee the Mexican office. He has over twelve years’ of experience in the sector providing technology to financial firms.

“Our team in Mexico has over 40 years of combined experience fighting financial cybercrime, and is well positioned to provide excellent local support to our growing Latin American customer base,” said Benjamin Wyrick, SVP sales for ThetaRay. “We are also eager to work and partner with additional financial institutions in the region.”

ThetaRay and ABN AMRO

In June 2019, Dutch bank ABN AMRO took a take in ThetaRay.

Prior to the ABN stake, Israel-headquartered ThetaRay has raised more than $60m. Early investors include Jerusalem Venture Partners, General Electric, Bank Hapoalim and Israel’s OurCrowd.

Neither ABN nor ThetaRay disclosed the amount of the deal or the stake taken in the startup. The deal represents ABN’s first investment in an Israeli company.

At the time, Hugo Bongers, director of ABN AMRO Digital Impact Fund told RBI: “We became a ThetaRay customer in June 2018. But things moved at speed after that. We got together and discussed other potential business partnerships.

“In particular we discussed how we could strengthen the business partnership. I strongly believe as an investor you should have more than just money involved. There are so many use cases that ABN can bring to the table to combine with the solution and AI platform that ThetaRay is delivering.

“I wanted more than just a supplier relationship. Where there is an equity relationship on top of a business partnership it is easier to share insights our challenges.”