Singapore-based Tookitaki, a regulatory tech company that aims to enable financial institutions (FIs) to develop sustainable compliance programmes, today announced that it has raised a US$7.5 million in Series A funding round.
The funding round was co-led by Illuminate Financial, a London-based early stage enterprise fintech investor, and Jungle Ventures, a Singapore-based Southeast Asia-focussed venture capital (VC) firm.
Enterprise Singapore, Supply Chain Angels, and VWX Capital also participated in the funding round.
In a press statement, Tookitaki Founder and CEO Abhishek Chatterjee said that a “large portion” of the funding will be used to strengthen the company’s R&D capabilities.
Illuminate Partner Mark Rodrigues will also join the Board of Directors at Tookitaki.
Incorporated in November 2014, the company combines artificial intelligence (AI), machine learning (ML), distributed systems, and deep business expertise to create the building blocks of sustainable compliance management.
“Sustainability in regulatory compliance is a key question today, as FIs 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,” Chatterjee explained the challenges that FIs are facing these days.
“We created Tookitaki to help FIs create a sustainable framework by driving effectiveness and efficiency in current compliance programs. From our inception, we have remained focused on R&D to provide clients with cutting-edge software solutions that can establish tangible and quick value for investment,” he added.
Tookitaki currently has offices in Singapore, India, and the US.
The company named United Overseas Bank as user of its Anti-Money Laundering Suite (AMLS) software, and Societe Generale as user of its Reconciliation Suite (RS) software.