Reykjavík, Iceland-based Lucinity, an anti-money laundering (AML) software company, announced on Thursday that it has raised $17M (approximately €16.69M) in a Series B round of funding led by Keen Venture Partners.
The round was joined by Experian and major existing investors Crowberry Capital, Karma Ventures, and byFounders.
Robert Verwaayen, General Partner at Keen Venture Partners, says, “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.”
“Make Money Good”
Founded in 2018 by Gudmundur Kristjansson, Lucinity is an anti-money laundering (AML) software developer on a mission to “Make Money Good”. The company aims to solve productivity and efficiency issues for financial institutions through its ‘Human AI’ approach, a toolset that combines next-gen AI with human insights and expertise.
Lucinity’s AML software uses AI to learn from every encounter and continues to improve, producing fewer false positives and saving time. This is in addition to its interface and user-focused visuals. Headquartered in Reykjavík, Lucinity operates globally and serves customers from Tier-1 banks to FinTechs.
Founder Guomundur Kristjansson says, “It’s exciting to see Lucinity’s ground-breaking 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.”
The company reports that several banks and fintechs have seen a 50 per cent improvement in compliance productivity because of Lucinity’s user-centric AI-based compliance systems.
The company’s recent customers include Pleo, a $4.7B fintech that is used by 20,000 companies, and 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.
Capital utilisation
Lucinity says that it will use the funds to accelerate its growth and further expand geographic coverage for its ‘Human AI’ technology.
Guomundur Kristjansson says, “This funding round will help fuel our rapid growth as we expand our customer base, partner network, global team of experts, and product offering.”
Recently, Lucinity announced its 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 centred around a joint anti-money laundering and fraud prevention solution.
About the investors
Keen Venture Partners is a VC firm based in Amsterdam and London. It backs ‘exceptional’ teams and fast-growing scale-ups across Europe at the Series A and Series B stages. The firm aims to begin relationships by investing time first, and money later by sharing its network, experience and capabilities well before any investment possibility arises.
Experian is a global information services company. The firm assists people in taking charge of their finances and accessing financial services, companies in making wiser decisions and thriving, lenders in making more responsible loans, and organisations in preventing identity fraud and criminal activity. It is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 Index.
