Singapore's Tookitaki raises $7.5m Series A
Tookitaki, a Singaporean technology provider that helps institutions develop regulatory compliance programs, has raised a $7.5 million Series A from a group of investors including Jungle Ventures.
UK-based enterprise financial technology investor Illuminate Financial, Enterprise Singapore, Supply Chain Angels and VWX Capital are among the other participants. The capital will be used for R&D capabilities development.
Founded in 2014, Tookitaki uses artificial intelligence and distributed systems to create scalable and auditable enterprise software for improving regulatory processes. The company says its anti-money laundering suite can reduce false alerts in transaction monitoring by 40% and in names screening by 50%. Clients include United Overseas Bank and Societe Generale.
"Sustainability in regulatory compliance is a key question today, as financial institutions try hard to deal with complex transactions, multiple data sources and stringent regulatory demands,” Abhishek Chatterjee, CEO of Tookitaki, said in a statement. “Financial institutions keep on spending a lot of time, resources and money on antiquated systems with rules-based workflows and heavy dependency on manual investigation but they have become vexatious for compliance personnel.”
Tookitaki estimates that the regulatory compliance segment is worth $100 billion. Regulatory technology, sometimes referred to as regtech, is an emerging area of financial services that concerns streamlining reporting, automating large-scale transactions, and supporting legal compliance management. Last year, Hong Kong’s CLSA launched an investment unit called AlphaLabs that focuses in part on the category.
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