Singapore-based regulatory-tech startup Tookitaki has raised ₹52.5 crores ($7.5 million) in series A round of funding from London-based Illuminate Financial. Other global venture capital firms like Jungle Ventures, Enterprise Singapore, Supply Chain Angels, VWX Capital and several other senior banking executives also participated in the funding round.
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.”
Founded by Abhishek Chaterjee and Jeeta Bandopadhyay in 2014, the startup plans to use the freshly raised capital to strengthen its R&D capabilities. Following the latest development, Mark Rodrigues, Partner at Illuminate Financial will join the Board of Directors at Tookitaki. Tookitaki uses advanced technologies like artificial intelligence, machine learning, distributed systems and deep business analytics to create the building blocks of sustainable compliance management. With offices in Singapore, India and the United States, the five-year-old startup provides enterprise software solutions to the finance industry.
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 the manual investigation but they have become vexatious for compliance personnel. Not to mention, the huge financial and reputational risk in case of regulatory lapses. 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 a tangible and quick value for the investment.”
They received accreditation@SGD in 2017; a Singapore government initiative for SMEs to get green channel access to government projects and partner with local banks in their key initiatives. They won the first prize in the MAS-2016 award for their innovation and proving their platform through a live deployment.
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. 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.”
Earlier in January 2015, the startup raised ₹8.4 crores ($1.2 million) in a Seed funding round from Jungle Ventures, Spring Singapore, Rebright Partners, Supply Chain Angels, and Blume Ventures. Tookitaki is also backed by angel investors like Ravi Trivedi, founder or Srijan Capital, Ravi Gururaj, founder of Qikpod, Rahul Garg, founder of Moglix, and Nihal Mehta, founding partner of Eniac Ventures. Tookitaki has raised ₹60.9 crores ($8.7 million) in funding since its inception.