Software-as-a-service (SaaS) firm Tookitaki Holding has raised an additional $11.7 million in its extended Series A funding round led by Viola Fintech and SIG Asia Investment.
The Singapore headquartered firm develops artificial intelligence-based sustainable compliance solutions for financial institutions.
With this funding, the company's total size of Series A investment reaches $19.2 million. The company had raised $7.5 million in March 2019 as the first part of Series A.
Nomura Holdings also participated in the round through its venture capital arm Nomura Incubation Investment Limited Partnership, a statement from the company said.
Existing investors including venture capital firms Illuminate Financial, Jungle Ventures and SEEDs Capital, an investment arm of the Singapore government also chipped in.
Tookitaki’s key offering is its software in the anti-money laundering (AML) and reconciliation space. The extended Series A round will help the company to enhance its product offerings and drive technological innovation to help fuel their ongoing fight against money laundering and reconciliation issues, as well as spur business recruitment across its global offices in Singapore, India, and the US, the statement added.
The company will also use the fresh funds to fuel research and development.
Tookitaki was founded by Abhishek Chatterjee and Jeeta Bandopadhyay in 2014. Chatterjee was formerly employed at JP Morgan whereas Bandopadhyay worked in the media industry.
“Our vision has always been to revolutionise regulatory compliance and ensure sustainable compliance programmes for every financial institution in the world,” said Chatterjee.
The company has also appointed Subhas Samanta, former Director at LinkedIn, as Vice President of Research and Development of Tookitaki to boost its expansion.
Tomer Michaeli, General Partner at Viola Fintech, a $120 million cross-stage VC fund that co-invests globally in fintech companies, will join Tookitaki’s Board of Directors.
“With almost twenty years’ experience that Viola has in the AML sector, we found Tookitaki’s approach to be very unique,” said Michaeli.