Iceland-based Lucinity scores $17m to bolster its anti-fraud services

Lucinity, which supplies banks with productivity tools to fight financial crime, has closed its Series B funding round on $17m.

Keen Venture Partners served as the lead backer, with commitments also coming from Crowberry Capital, Karma Ventures and byFounders.

Lucinity is on a mission to “Make Money Good” by leveraging human AI. Through its user-centric compliance systems, which are augmented by AI, Lucinity claims to have helped banks and FinTech increase compliance productivity by 50%.

Based in Iceland, Lucinity offers an AML software that learns from each interaction and continues to improve, providing fewer false positives and saving time.

The FinTech company recently signed a partnership with Experian and Seon. It is providing credit reporting company Experian with know your business and risk assessment tools. While it is providing risk scoring solution Seon with AML and fraud prevention services.

Some of its clients include Pleo and Currencycloud.

Keen Venture Partners general partner Robert Verwaayen said, “We quickly jumped on a plane to Iceland when we heard about Lucinity’s Series B funding round.

“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.”

Earlier in the year, Iceland got its first challenger bank. Indó launched from stealth in February with the aim to “restore faith in the banking system through ultimate transparency and no bullshit banking.”

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