Tookitaki, a regulatory technology company that aims to enable financial institutions to develop sustainable compliance programs through the use of AI-based technology, has raised S$7.5 million in Series A funding.
The round was co-led by London-based Illuminate Financial, an early-stage enterprise financial technology investor, along with Jungle Ventures, a Singapore-based VC firm focused on technology investments in South East Asia. Other investors include Enterprise Singapore, Supply Chain Angels and VWX Capital (an investment group of senior banking executives).
The firm aims to combine advanced technologies such as AI, machine learning, distributed systems and deep business expertise to create the building blocks of sustainable compliance management. It describes its enterprise software solutions as “scalable, auditable and actionable”.
Tookitaki has witnessed substantial growth since its incorporation in November 2014. Today, the company has offices in Singapore and India, and announced the opening of its first US office in North Carolina in September 2018.
“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. FIs 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. Not to mention, the huge financial and reputational risk in case of regulatory lapses,” says Founder and CEO Abhishek Chatterjee. “We created Tookitaki to help FIs create a sustainable framework by driving effectiveness and efficiency in current compliance programs.”
The firm recently deployed its Anti-Money Laundering Suite software with Singapore-based United Overseas Bank, and claims to have already reduced 40% and 50% of false alerts in transaction monitoring and names screening, respectively, across all segments. The company has also successfully tested and deployed its Reconciliation Suite in global banks such as Societe Generale.
Tookitaki plans to dedicate the greater part of the funding towards research and development, according to Chatterjee.