Singapore-based enterprise solutions provider Tookitaki grabbed headlines for raising US$7.5m in Series A funding round. Founded by Abhishek Chatterjee and Jeeta Bandopadhyay, the company has seen a high growth. This funding round was led by Illuminate Financial, and existing investors who participated were Jungle Ventures, Enterprise Singapore, Supply Chain Angels, VWX Capital and senior banking executives.
According to a company statement, a large portion of the funding will be used to strengthen the R&D capabilities, Chatterjee revealed. In addition to this, the company is also combining advanced technologies like artificial intelligence (AI), machine learning (ML), distributed systems and deep business expertise to create the building blocks of sustainable compliance management. The company’s enterprise software solutions are billed as ‘scalable, auditable and actionable’.Last year, the company also announced the opening of its US office in North Carolina in September 2018. With financial institutions requiring full-proof technology for compliance, TookiTaki’s solutions have helped in the anti-money laundering and reconciliation spaces. The company statement talked about one of its recent successes wherein the company deployed its Anti-Money Laundering Suite (AMLS) software, with United Overseas Bank, a leading bank in Asia. Through the solution, the bank was able to reduce 40% and 50% of false alerts in transaction monitoring and names screening, across all segments. The company has also successfully tested and deployed its Reconciliation Suite (RS) in global banks like Societe Generale.