Wednesday, October 28, 2020

ABN Amro takes stake in financial crime outfit Thetaray

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ABN Amro’s Digital Impact Fund has taken an undisclosed stake in Israeli Big Data analytics firm Thetaray.

The Dutch bank struck a five-year bank-wide deal with Thetaray in June last year to help it tackle money laundering and terrorist financing risks. Other top tier banking clients include neighbouring ING and Singapore’s OCBC.

Using algorithms and progressive machine learning, Thetaray promises to detect financial crime patterns before they take place, with low false positive rates.

The firm last July banked a Series B fund-raising round of over $30 million with participation from Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, OurCrowd, SVB and others.

Read more: RBS investigates money laundering at ABN AMRO

Hugo Bongers, director of ABN Amro Digital Impact Fund, said: “Our investment in ThetaRay strengthens the current operational relationship between the bank and ThetaRay. The market for these solutions driven by artificial intelligence is a major growth market across the world and is strategically relevant to all types of financial services. In addition, ABN Amro stands to benefit from access to the Israeli ecosystem of cybersecurity and financial crime detection firms, as well as the leading venture capital investors operating in this business, such as JVP (Jerusalem Venture Partners) and OurCrowd.”

ABN Amro’s EUR50 million Digital Impact Fund has previously taken stakes in Tink, BehavioSec, solarisBank, Ockto, Crosslend and Tealium.

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