Berlin-based fintech is the market’s only authorised financial crime benchmark for banks and financial institutions 

·       Former HSBC Head of Financial Crime Compliance, Ben Arber, will head up US business development  

·       Elucidate employs more than 35 people across Europe and has raised €5.7M in funding to date 

Elucidate, the financial crime risk scoring company, has today announced its expansion into the US market with a new office in Miami, as part of the company’s mission to establish itself as the global standard for benchmarking financial crime risk. 

Its new US headquarters confirms Elucidate’s focus on the Americas as a primary target for its services, which empower banks’ compliance teams with actionable intelligence into financial crime risk to help them analyze information across their network within a data-driven framework, saving time and money. As the market’s only authorised financial crime benchmark, the Elucidate FinCrime Index (EFI) is regulated by the BaFin and ESMA.  

Elucidate’s US launch closely follows the appointment of banking compliance veteran Ben Arber, Former HSBC Head of Financial Crime Compliance, as Elucidate’s Head of Sales for the Americas, earlier this year. Arber brings more than 20 years’ experience in senior compliance roles for HSBC in Asia, Europe, and North America, and has been responsible for building Elucidate’s operations in the US region since early June. 

Elucidate’s expansion into the US comes at a time when Miami is emerging as one of the country’s leading tech hubs, with dozens of investors and startups moving or opening offices in the city this year alone.  

Commenting on choosing Miami as Elucidate’s US HQ, Head of Sales for the Americas, Ben Arber, said: "We considered more traditional hubs like New York and San Francisco but are convinced Miami is the best place to grow Elucidate's operations. Not only is the city going through a technology boom, which we are excited to be a part of, but its location enables us to better serve customers in the Caribbean and Latin America - two regions that will greatly benefit from our platform." 

A data-science company at its core, the new office reaffirms Elucidate’s ability to comply with US data regulations and provide dedicated customer support in the region. 

Filipe Garcia, Elucidate’s CTO and Co-Founder said: "As an ISO certified company, data security and management are priorities for our operation and one of the reasons our customers trust us with their sensitive data. Our new offices in Miami will help us maintain our standards, comply with all data protection regulations, and provide localized support to new and existing customers." 

Elucidate’s Miami office is now the company’s second physical office, three years on from when it was founded by CEO Shane Riedel and CTO Filipe Garcia in Berlin in 2018. It currently serves customers in more than seven countries (rating the financial crime compliance of over 20,000 organisations to date), employs more than 35 people across Europe, and is actively recruiting new members of staff in its business development team in the next three months to focus exclusively on the US market.