Israel’s ThetaRay snaps up Screena to enhance financial crime detection
ThetaRay, an Israeli provider of AI-driven transaction monitoring, has completed its first acquisition by purchasing Belgian fintech Screena.
ThetaRay makes first acquisition in Screena
Founded in 2020, Screena serves FIs with its advanced anti-money laundering (AML) screening solution. Its offering aids with customer onboarding by verifying individuals, companies, and other entities against a range of sanctioned party lists.
It claims its AI-powered algorithms “de-risk financial organisations from regulatory fines, personal liability, and reputational damage”.
ThetaRay, which last year bagged a $57 million funding round to fuel its international expansion, says it is on a “journey” from specialising in “AI-powered transaction monitoring solutions to a cloud-based, end-to-end financial crime detection platform”.
Through this acquisition, the financial details of which have not been disclosed, ThetaRay plans to integrate Screena’s cloud-based, AI-driven verification service into its product suite. This integration aims to offer FIs a “holistic view of transactional and customer screening risks”.
Speaking on the strategic move, Erel Margalit, chairman of ThetaRay, states: “The acquisition of Screena advances the ability to identify bad actors, whether it’s money laundering, drug trafficking, or terrorist financing in a much more pointed way.”
The purchase of Screena comes on the back of several recent client wins for ThetaRay. In 2023, the company’s flagship product, Sonar, a cloud-based AML solution, was chosen by Mexican fintech Tudi, UK-based open banking firm Noda, and most recently, Nigerian paytech VigiPay.
