Reg-tech company TSS Consultancy on Monday said it has received an investment from VC firm WestBridge Capital at a valuation of Rs 900 crore.
The company said that the funds raised will be used for research and development, particularly artificial intelligence (AI), and to significantly scale its SaaS offerings including the launch of new products in niche areas of financial crime.
Founded in 2008 in Mumbai, the company has grown its revenues by 43 per cent to touch Rs 60 crore and is currently serving more than 350 financial institutions.
“Our mission is to help every financial institution and empower financial soldiers to fight financial crime with cutting edge technology and data intelligence with reasonable investments in the area of money laundering, KYC, Terrorist financing and Insider Trading,” said Sagar Tanna, Founder & CEO, TSS Consultancy.
Apart from India, the company also has presence in South Africa and the US, with more than 400 team members.
TSS Consultancy’s tech platform TrackWizz is designed to empower the finance industry in fighting financial crime, money laundering, terrorist financing etc.
“We are excited to partner with Trackwizz as they expand their market leadership by enhancing their suite of robust and innovative products in a fast-growing compliance market, a top-of-mind space for both financial institutions and governments globally,” said Deepak Ramineedi, Partner at WestBridge Capital.
TSS has also become the first reg tech company in India to receive direct authorisation to launch business in the GIFT City in Gandhinagar, Gujarat,
Trackwizz is now being used by brokerage firms that generate about 70 per cent of the daily trading volume on both the major exchanges.
According to a report by IBEF, the RegTech Market size was estimated to be $7.6 billion in 2021 and is projected to be worth $19.5 billion by 2026.