Lucinity raises $17M Series B

July 7, 2022 | Reykjavík -- 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 centered around a joint anti-money laundering and fraud prevention solution.

"It's exciting to see Lucinity's groundbreaking 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.


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 case management and transaction monitoring, through a free demo environment on https://www.lucinity.com/signup.

Lucinity operates globally, with headquarters in Reykjavík, and serves customers from Tier-1 banks to FinTechs. To learn more, visit https://lucinity.com.