- ThetaRay, an Israeli firm known for its AI-driven transaction monitoring solutions, has completed its inaugural acquisition by acquiring Belgian fintech company Screena.
- The acquisition of Screena represents a significant leap forward for ThetaRay, enhancing its ability to detect and address financial crimes such as money laundering, drug trafficking, and terrorist financing.
OUR TAKE
ThetaRay, the Israeli giant in AI-driven transaction monitoring, just made their first big move by acquiring Belgium’s up-and-coming fintech company, Screena. Screena’s got some serious anti-money laundering screening tech, it’s like having X-ray vision for the financial world, and they’ve only been around for two years. This acquisition seems like ThetaRay is upping their game, shifting from just transaction monitoring to a full-blown, cloud-based financial crime detection platform. And while we don’t know the financial details, just imagine the power of combining these two AI heavyweights. It’s gonna make it harder than ever for shady characters to slip through the cracks in the financial world.
–Miurio huang, BTW reporter
What happened
ThetaRay, an Israeli firm known for its AI-driven transaction monitoring solutions, has completed its inaugural acquisition by acquiring Belgian fintech company Screena. Founded in 2020, Screena specialises in advanced anti-money laundering (AML) screening. Its AI-powered technology assists financial institutions (FIs) by verifying individuals, companies, and entities against various sanctioned party lists, helping to mitigate risks associated with regulatory fines, personal liability, and reputational damage.
This acquisition is part of ThetaRay’s strategic shift from a focus on AI-powered transaction monitoring to developing a comprehensive, cloud-based financial crime detection platform. Although the financial details of the deal were not disclosed, ThetaRay plans to integrate Screena’s cloud-based, AI-driven verification service into its product suite. This integration aims to provide financial institutions with a more comprehensive view of transactional and customer screening risks.
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Why it’s important
The acquisition of Screena represents a significant leap forward for ThetaRay, enhancing its ability to detect and address financial crimes such as money laundering, drug trafficking, and terrorist financing. Erel Margalit, chairman of ThetaRay, highlighted that this strategic move will refine the company’s capability to identify and combat bad actors more effectively.
This move comes amidst a series of recent client wins for ThetaRay, including new partnerships with Mexican fintech Tudi, UK-based open banking firm Noda, and Nigerian paytech VigiPay. The addition of Screena’s advanced AML capabilities is expected to bolster ThetaRay’s offerings, positioning the company as a more robust player in the financial crime detection market. The acquisition underscores ThetaRay’s commitment to expanding its technological capabilities and providing a more holistic solution for financial institutions dealing with complex regulatory and security challenges.
