“As Gemba expands globally, it is critical that we reduce regulatory exposure, meet global standards and expectations as well as provide flexibility and agility to the compliance team,” said Alexander Legoshin, CEO of Gemba Finance. “With ThetaRay we’re increasing our operational efficiency, improving customer satisfaction and increasing risk coverage - and that is powering our growth globally.”

Gemba Finance is a well-established and highly respected financial services company with a track record of providing business banking and financial management solutions to democratize access to finance, especially for underserved communities. Gemba’s platform enables companies or communities to create a new bank online in under one day without coding, compliance, and infrastructural headaches. Gemba's all-in-one online banking and payment gateway solution is fast, reliable, and secure, and designed to help users launch their own neobank quickly and easily.

ThetaRay’s AI-powered transaction monitoring and screening solution will enable Gemba to further scale its business while remaining compliant through a more efficient compliance program measured in significantly reduced false positives, increased detection-worthy cases, and reduced investigation time. ThetaRay’s platform, used by top banks and fintechs such as Santander, Travelex, TangoPay, ZeePay and MFS Africa, uses unsupervised AI as the backbone of its risk-based approach to financial transaction monitoring.

“As the financial crime battle continues to become more complex, fintechs and banks must adopt technology that can keep them ahead of evolving criminal tactics and strategies,” said Peter Reynolds, CEO of ThetaRay. “Particularly here in the UK, a leading financial center of the world, companies like Gemba are taking a leap forward in their AML capabilities and that is helping to build a trusted global payment system.”

ThetaRay and Gemba are hosting a fintech event “Navigating Compliance Challenges with AI Technology” in London on October 17th together with Microsoft.

ThetaRay recently announced a $57 million round led by Portage Ventures, JVP and others to spur on further growth following 10x client growth and 5x ARR growth in less than two years.