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Source: Thailand Startup News  Nov 28, 2019

Tootikitaki , A Singapore Regtech Startup Tookitaki Secures US $11.7 Million IN Series A Funding

Tootikitaki , A Singapore Regtech Startup Tookitaki Secures US $11.7 Million IN Series A Funding
Source: Thailand Startup News  Nov 28, 2019
A regtech startup based in Singapore,Tootikitaki  has raised an additional US$11.7 million, bringing the total size of its series A fundraising  to US$19.2 million.

Investors Viola Fintech and SIG served as lead investors, along with Nomura Holdings’ VC arm, Nomura Incubation Investment. Existing investors including Illuminate Financial, Jungle Ventures, and Spring Seeds Capital, an investment arm of the Singapore government, also participated in the round.

Tookitaki founder and CEO Abhishek Chatterjee

Established in 2014, Tookitaki builds AI regulatory compliance solutions for the financial services industry. The company’s key offerings include an anti-money laundering (AML) suite, which uses machine learning for transaction monitoring and name screening to help reduce false alerts and detect suspicious cases. It partnered with United Overseas Bank to implement a machine learning-based AML solution within the bank’s current infrastructure.

Banks and financial firms can also use the startup’s end-to-end reconciliation suite, which aims to improve match rates, detect exception types, and recommend adjustment amounts based on historical patterns.

The new funding will allow Tookitaki to further develop its product offerings and invest more in its global expansion efforts, with the US and Asia Pacific as priority markets. It also plans to make more tech and business hires in its offices in Singapore, India, and the US.

In a media  statement sent to Thailand Startup News, the company looks to “aggressively” expand its R&D teams in Singapore and Bangalore. It has then appointed Subhas Samanta, former director at LinkedIn, to serve as Tookitaki’s vice president of research and development to drive the initiative.

The startup aims to improve its year-over-year revenue growth, which has already surpassed 300% over the last two years, it claims. Tookitaki attributes the strong performance to a global demand among financial institutions for solutions that help them stay “regulator-ready.”