Regulatory-tech startup Tookitaki has raised $7.5 million in Series A Funding from Global VCs. The funding round was led by London-based Illuminate Financial.
Jungle Ventures, Enterprise Singapore, Supply Chain Angels, VWX Capital and senior banking executives also participated in the funding round.
The startup will use the fresh capital to strengthen the it’s R&D capabilities.
Mark Rodrigues, Partner at Illuminate, will join the Board of Directors at Tookitaki.
Abhishek Chatterjee, Founder and CEO, Tookitaki, said, “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.”
Abhishek Chatterjee, added, “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 research and development (R&D) to provide clients with cutting-edge software solutions that can establish tangible and quick value for investment.”
Mark Rodrigues, Partner at Illuminate, said, “Tookitaki’s combination of advanced technologies and deep industry knowledge are a solid foundation that has helped the company gain meaningful industry engagement. Financial institutions have reached the breaking point in their compliance processes which has resulted in a series of very significant fines.”
Mark Rodrigues, added, “Illuminate believes that Tookitaki is well positioned to help these institutions reach a point of sustainable compliance. We’re excited to join the journey and to help build this company into a global leader in their space.”
Amit Anand, Managing Partner, Jungle Ventures, said, “Jungle Ventures has been an early supporter of Tookitaki and over the years we have witnessed how this strong team has continuously attracted the best talents with deep industry expertise and successfully deployed their product suite within multiple global institutions.”
Tookitaki was incorporated in 2014. It combines advanced technologies like artificial intelligence (AI), machine learning (ML), distributed systems and deep business expertise to create the building blocks of sustainable compliance management. It has offices in Singapore, India and the US.