TOOKITAKI, a Singapore-based regulatory technology company that aims to create sustainable compliance programs for the financial services industry, has raised US$7.5 million in a Series A funding round led by London-based Illuminate Financial, an early-stage enterprise financial technology investor.
Existing backers Jungle Ventures, Enterprise Singapore, Supply Chain Angels, VWX Capital and senior banking executives also contributed to the funds raised.
Tookitaki offers enterprise software solutions in the anti-money laundering and reconciliation spaces. The company combines advanced technologies like artificial intelligence, machine learning , distributed systems and deep business expertise to lay the foundation for sustainable compliance management.
The firm told The Business Times that the funds will be used to scale up its operations in the US and North America as well as maintain a strong research and development roadmap.
Abhishek Chatterjee, Tookitaki founder and chief executive officer, said in a press release, "From our inception, we have remained focused on research and development to provide clients with cutting-edge software solutions that can establish tangible and quick value for investment."
Last year, Tookitaki partnered with United Overseas Bank to enhance its anti-money laundering suite software (AMLS). It was successful in reducing false alerts in transaction monitoring and names screening by 40 per cent and 50 per cent respectively.
The company has also successfully tested and deployed its reconciliation suite (RS) in global banks like Societe Generale.
Tookitaki currently has offices in Singapore, India and the US. It announced the opening of its US office in North Carolina in September 2018.