back Back

Lucinity raises $17m in a Series B funding round to fight financial crime

By Joy Dumasia

July 08, 2022

  • AML
  • Compliance
  • Europe
Share

Lucinity announced closing a $17m Series B investment round, led by Keen Venture Partners and joined by Experian and its 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. 

“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,” says Guðmundur Kristjánsson (GK), Founder and CEO of Lucinity. “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.” 

“We quickly jumped on a plane to Iceland when we heard about Lucinity’s Series B funding round”, comments Robert Verwaayen, General Partner at Keen Venture Partners. “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.” 

IBS Intelligence reported that Pleo, the Danish $4.7b FinTech used by 20,000 companies across Europe, has selected Lucinity as its central hub for Financial Crime Prevention after a rigorous selection process. Founded in 2015, Pleo offers smart spending solutions for forward-thinking companies through a streamlined approach to expense management. 

Previous Article

July 08, 2022

Fuse Labs launches blockchain payments with Fuse Charge

Read More
Next Article

July 08, 2022

GoSats aims to create 1m Bitcoiners by end of FY2022

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

AML

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 20, 2024

First Abu Dhabi Bank bolsters CLM operations with Fenergo

Read More

June 20, 2024

Xcelerate acquires an equity stake in Gieom, a financial service compliance provider

Read More

June 20, 2024

Sumsub & Finastra team to strengthen Banking sector compliance

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023