The funds raised will be used for research and development with a focus on artificial intelligence (AI), the firm said in a press statement. It also intends to significantly scale up its software-as-a-service (SaaS) offerings, including TrackWizz Screenzaa, and bring in new products in niche areas of financial crime.
Elevate Your Tech Process with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| Indian School of Business | ISB Professional Certificate in Product Management | Visit |
| Indian School of Business | ISB Applied Business Analytics | Visit |
| Indian School of Business | ISB Professional Certificate in Digital Marketing | Visit |
| IIM Lucknow | IIML Executive Programme in Data Science | Visit |
As the software suite of financial technology and compliance firm TSS Consultancy, Trackwizz works with over 350 financial institutions, including banks, brokerage firms and payment solution providers across India, South Africa and the US. It helps them tackle financial crime with a risk-based approach by detecting malpractices, terror financing and so on.
Its clients include HDFC securities, Axis Bank and Zerodha.
Sagar Tanna, founder and CEO, TSS Consultancy, said, “As India walks towards becoming a five trillion economy, the government has been proactive about uprooting unlawful financial activities from our systems. We believe protecting our financial systems and complying with the law of the land is crucial. 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.”
Deepak Ramineedi, partner at WestBridge Capital, said, “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.”
Discover the stories of your interest
TSS’ revenues have grown by 43% in the past year, with a topline of Rs 60 crore. It has also become the first regtech company to get a licence to do business in GIFT city, the company said in its statement.The company has been profitable since inception and claims to be the only India-made anti-money laundering software with a curated watchlist combined with transaction monitoring and regulatory reporting.
