• FOUNDING YEAR: 2014
    LOCATION:
    Singapore
    REGION:
    Central Region
    Last Update:
    21 Feb, 2020
    Global presence:
    Australia, India, Singapore, United States of America
    Company priority:
    We're on to something big this year!

Description

FOCUS

PRODUCTS & SERVICES:
The company offers core products such as; 1) AMLS (Anti-Money Laundering Suite) - It is a machine learning-powered antimoney laundering solution which improves operational efficiency, mitigates the risk of money laundering and reduces the cost of compliance. It helps current legacy systems to reduces false alerts and detects ‘missed’ suspicious cases, finding the right balance between efficiency and effectiveness. 2) Reconciliation Suite (RS) - It is an AI-enabled matching & substantiation solution for reconciliation. It improves quality and efficiency in the investigation process and reduces the cost of reconciliation.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
United Overseas Bank, Societe Generale and some other banks.
EXISTING PARTNERSHIPS:
The company partnered with Mindtree to offer banks with AI based solutions to reduce risks and improve compliance.
PRIMARY PROBLEM SOLVED:
Reconciliation Management and False Alert Management are 2 of the largest budget owners in Banking operations. But the current platforms available are not fit to solve the problems with the accuracy and scale of what is required. The reason being that current rules based applications are failing to cope up with the underlying changes in the data sets along with frequent regulatory rule reforms. Introducing Tookitaki which is specifically created to handle current data and reform needs for reconciliation and false alerts management use cases. The platform is changing the paradigm of using rules based applications in this space with our adaptive ML platform which brings in dramatic operational efficiency through improved process accuracy - decreases chances of decision leakages and continuous learning – always relevant to current business environment. Use Cases - 1. We have successfully onboarded a global European bank on our platform for their retail portfolio reconciliation break management. This is helping the bank to not only improve their operational efficiency by 40% but maintain a high match rate across their existing recon process (match rate falls if new rules are not created regularly). 2. We are onboarding a local bank to improve their False Alerts Management workflow in their transaction screening process. We have shown to reduce their false alerts by 30% and have cleaned their backlogs dramatically.

PEOPLE

MEDICI analysts will analyze Tookitaki soon

TRACTION

Insufficient information for accurate analysis

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$8.72 Millions
DATE OF LAST FUNDING:
Mar 2019
TOTAL FUNDING COMMENT:
The company is planning to use the funds to strengthen the company’s R&D capabilities. (Mar. 2019)
SEED & PRIOR FUNDING:
$1.22 Millions
SEED CLOSED ON:
Jan 2015
FUNDING SERIES:
SERIES A
$7.5 Millions Closed: Mar 2019
PRIZE MONEY:
$829.15 K
LISTED:
NO

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