Lucinity, a Reykjavík-based anti-money laundering (AML) software developer, announced that it has secured $17M in a Series B funding round led by Keen Venture Partners with participation from Experian and existing investors, Crowberry Capital, Karma Ventures, and byFounders.
The company will use the proceeds to accelerate growth and geographic coverage for its Human AI technology.
“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.”
Anti-money laundering (AML) software
Founded by Guðmundur Kristjánsson, Lucinity is an anti-money laundering (AML) software developer that aims to solve productivity and efficiency issues for financial institutions through its ‘Human AI’ approach, a toolset that combines next-generation AI with human insights and expertise.
The company’s software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time.
Clients and partnerships
To date, Lucinity has helped various banks and finTechs, including Pleo and Visa’s Currencycloud, increase their compliance productivity by over 50 per cent. This results in thousands of hours now spent on actually fighting financial crime instead of making sense of complex and noisy data.
Recently, the company has 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.
Keen Venture Partners is a human venture capital firm based in Amsterdam and London. The VC backs exceptional teams and fast-growing scaleups across Europe at the Series A and Series B stages.
“We quickly jumped on a plane to Iceland when we heard about Lucinity’s Series B funding round,” says 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.”