Lucinity, a Reykjavik, Iceland-based anti-money laundering (AML) software developer, closed a $17m Series B funding round.
The round was led by Keen Venture Partners with participation from Experian and existing investors, Crowberry Capital, Karma Ventures, and byFounders.
The company intends to use the funds to accelerate growth and geographic coverage for its Human AI technology.
Led by Guðmundur Kristjánsson (GK), founder and CEO, Lucinity provides anti-money laundering (AML) software which leverages a ‘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.
The company operates globally, with headquarters in Reykjavík, and serves customers from Tier-1 banks to FinTechs. Lucinity 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.