Reykjavik, Iceland -- (SBWIRE) -- 08/12/2022 -- in a Series B funding round. With an AML software platform that promises to effectively address the global issue of financial crime, Lucinity has received a lot of international exposure which has led to the backing of some major partners who made the latest funding round possible. These include Keen Venture Partners who said they "jumped on a plane" when they heard about the Series B funding round and Venturing, as well as a number of existing investors such as Crowberry Capital and Karma Ventures. Experian was also part of the $17 million Series B funding round - the global credit reporting company has been in partnership with Lucinity developing next-generation ongoing Know Your Business (KYB) and risk assessments. This is just one of the recent partnerships entered into by Lucinity - another includes Seon, which is centered around joint anti-money laundering and fraud prevention solutions.
The market for AML software is strong, not just in the Nordics but other key locations such as North America and the Asia Pacific. There is an appetite to invest in companies that have the tools to help organizations better tackle problems such as money laundering. Lucinity's AML software is augmented by artificial intelligence and has already achieved proven results, helping various banks and FinTechs increase their compliance productivity by over 50%. Crucially, Lucinity's platform simplifies complex and noisy data, providing clear insights that can be used to fight financial crime, rather than spending hours trying to understand the data.
It's clear from the recent funding round that Lucinity has not just established itself in the AML software market but is identified as one of the most exciting players. The business continues to work with a range of customers, from Tier-1 banks to FinTechs, not only providing highly effective anti-money laundering solutions but also solving productivity and efficiency issues too. The platform is specifically designed to be simple to use, so that complexity doesn't block effective action when it comes to tackling a crime like money laundering.
Since it was established in 2018, Lucinity has become a prominent name in AML software, working with key global partners and building up an increasingly international brand. The Lucinity team is spread across various cities in Europe and North America, and the team continues to expand. Its 'Human AI' approach blends the best of artificial intelligence with everything that the human mind has to offer.
About Lucinity
Lucinity is an anti-money laundering (AML) software developer on a mission to Make Money Good™. Lucinity aims to solve productivity and efficiency issues for financial institutions through the company's 'Human AI' approach, a toolset that combines next-generation AI with human insights and expertise.
By leveraging AI, the AML software learns from every interaction and continues to improve indefinitely, providing fewer false positives and saving time. This is on top of its best-in-class interface and visualizations that put users first. Professionals can experience Lucinity's AML compliance solution, including transaction monitoring, through a free demo environment available on https://www.lucinity.com/signup.
Lucinity operates globally, with headquarters in Reykjavík, and serves customers ranging from Tier-1 banks to FinTechs.
Company Quote
Founder and CEO, Guðmundur Kristjánsson, comments, "Lucinity's unique experience in banking, compliance, regulation, and data science has helped us develop a new approach to tackling money laundering—harnessing the best of human intelligence and augmenting it with advanced AI.
Our simple-to-use systems work with analysts, not against them, complementing their skills and making them superheroes so they can take on financial crime, saving institutions time and money in the process.
We believe that by transforming AML, we can have a tremendous positive impact on society. Money laundering is a crime that fuels crime. That is why we set out on the mission of Making Money Good™."
To find out more information about Lucinity's AML Software, visit https://www.lucinity.com
For any media enquiries please contact Gary Elliott at Iconic Digital – 020 7100 0726.
For all other enquiries please contact Lucinity at https://www.lucinity.com/contact
For more information about Lucinity services, please go to https://www.lucinity.com.
About Lucinity
Lucinity is an AML software company, founded in 2018, with offices in Reykjavík, New York, London and Brussels. Using advanced AI systems, we help banks discover money laundering and really know their customers, more efficiently – to stop the funding of serious crime across the world.