5.2 C
Helsinki
Friday, March 29, 2024

Icelandic anti-money laundering software closes $17M series B to support banks in the fight against financial crime

- Advertisement -

Reykjavik-born SaaS startup Lucinity has raised $17 million in a Series B round led by Keen Venture Partners. The round also saw participation from Netherland-based VC firm Venturing, its recent partner Experian, and major existing investors Crowberry Capital, Karma Ventures, and byFounders. Lucinity, via its Human AI-powered platform, enables its customers to discover money laundering and stop the funding of serious crime across the world. This capital injection will accelerate Lucinity’s growth and provide an opportunity to invest in many areas such as expanding the customer base, finding new partners and new talents.

Lucinity raises $17 million in a Series B funding round

Lucinity today announced the closing of a $17 million Series B investment round, led by Keen Venture Partners and joined by Venturing, recent partner Experian, and major existing investors Crowberry Capital, Karma Ventures, and byFounders.

Lucinity’s mission is to Make Money Good™ through Human AI. By delivering user-centric compliance systems augmented by artificial intelligence (AI), Lucinity has helped various banks and FinTechs increase their compliance productivity by over 50%. This results in thousands of hours now spent on actually fighting financial crime instead of making sense of complex and noisy data.

Recent customers of Lucinity that join a range of banks and FinTechs include Pleo, a $4.7B FinTech used by 20,000 companies that chose Lucinity as its central hub for financial crime prevention, and Visa’s Currencycloud, a part of the world’s largest global payment platform.

Lucinity also recently announced partnerships with Experian and Seon. With Experian, Lucinity is delivering next-generation ongoing Know Your Business (KYB) and risk assessments, while its collaboration with Seon is centered around a joint anti-money laundering and fraud prevention solution.

Lucinity, Keen Venture Partners, Robert Verwaayen “We quickly jumped on a plane to Iceland when we heard about Lucinity’s Series B funding round. Banks and FinTechs are stuck between a rock and a hard place where compliance is a big headache for them, and they are trying to wrap their heads around how to approach it in a truly risk-based fashion. We are extremely excited about Lucinity’s platform and its promise to address the global issue of financial crime.” says Robert Verwaayen, General Partner at Keen Venture Partners.

This funding round illustrates a strong belief in Lucinity’s success and potential to provide banks and FinTechs with productive compliance tools to fight financial crime.

Lucinity, Guðmundur Kristjánsson“It’s exciting to see Lucinity’s groundbreaking change ripple through the compliance and risk spaces. Our Human AI is transforming our clients’ productivity, and our partnerships are creating incredible productivity innovations for customers to leverage. This successful funding round will help fuel our rapid growth as we expand our customer base, partner network, global team of experts, and product offering.” states Guðmundur Kristjánsson (GK), founder and CEO of Lucinity.

Click here to read more funding news.

- Advertisement -
Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

Related News

Stay Connected

20,216FansLike
2,154FollowersFollow
22,991FollowersFollow
1,220SubscribersSubscribe

Latest News