AML software firm Lucinity raises $17m Series B funding

Anti-money laundering (AML) software developer Lucinity has raised $17 million in a Series B investment round.

Lucinity raises $17m Series B

The round was led by Keen Venture Partners and saw participation from Experian, Crowberry Capital, Karma Ventures and byFounders.

The company, headquartered in Reykjavík, Iceland, says it will use the cash to accelerate growth and expand its geographic coverage.

The firm recently announced a partnership with Experian to develop ongoing know your business (KYB) and risk assessment solutions. It has also partnered with Seon for a joint anti-money laundering and fraud prevention offering.

Lucinity provides user-centric compliance systems augmented by artificial intelligence (AI), designed to help banks and fintechs increase their compliance productivity by more than 50%.

The company says the time saved can be “spent on actually fighting financial crime instead of making sense of complex and noisy data”.

Lucinity CEO and founder Guðmundur Kristjánsson says the new capital “will help fuel our rapid growth as we expand our customer base, partner network, global team of experts and product offering”.