Lucinity Raises $17 Million in a Series B Funding Round to Provide Banks with Productivity Tools to Fight Financial Crime
- Fundraising News
- 07.07.2022 10:50 am
Lucinity today announced the closing of a $17 million 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 centred 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."
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.