Mumbai, 12th September 2023: India’s leading Reg-tech company TSS Consultancy has received an investment from WestBridge Capital at a valuation of Rs 900 crore. This is a maiden round raised by the Company. Funds raised will be used for research & development, particularly artificial intelligence and to significantly scale its SaaS offerings including the launch of new products in niche areas of financial crime.
TSS Consultancy was founded in 2008 by Sagar, Sameer and Chandrakant Tanna. Headquartered in Mumbai, they are financial technology and compliance partners for over 350 institutions which include Banks, Stock Brokers, Stock Exchanges, Hedge Funds and other financial institutions across 3 countries India, South Africa and the US with 400+ team strength. TSS Consultancy tech platform TrackWizz, one of its kind software product suite, is designed to empower the finance industry in fighting financial crime, money laundering, terrorist financing etc.
Sagar Tanna, Founder & CEO, TSS Consultancy, says, “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.”
India is one of the members of the FATF and as part of this, it has FIU (Financial Intelligence Unit), which is directly under the Finance Ministry. All the businesses in the country are required to share suspicious information with this unit under the law if they suspect that a customer is doing suspicious transactions. TrackWizz is the only made-in-India software and has an excellently curated watchlist combined with transaction monitoring and regulatory reporting, a full-blown anti-money laundering (AML) solution.
Trackwizz platform under its AML solution provides relief to both small and large institutions by helping them prevent or report money laundering activities by using a risk-based approach.
Deepak Ramineedi, Partner at WestBridge Capital, says, “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.”
TSS, which has been profitable since its inception, has grown its revenues by 43% in the last 12 months. The Company’s topline is Rs 60 crore. Trackwizz is now used by brokerage firms that generate about 70% of the daily trading volume on both the major exchanges. Apart from the brokers, Trackwizz is also used by top banks in India, NBFC’s and Fintech companies. Currently with its clients like HDFC securities, Axis Bank, Zerodha, among others, Trackwizz aims to provide cutting edge technology solutions and is dedicated to serving the finance industry focussed on fighting financial crime, making operations efficient and helping business grow while keeping the economy crime free.
TSS has also become the first reg tech company to obtain a licence to do business in the International Financial Centre (GIFT City).
According to a report by IBEF, the RegTech Market size was estimated to be USD 7.6 Billion in 2021 and is projected to be worth USD 19.5 billion by 2026 with a CAGR of 20.8%. As governments and regulators become more stringent with financial networks being used for nefarious activities, TrackWizz is rightly positioned to help the financial sector root out crimes which can have serious ramifications for any country’s economy.