Helping banks boost compliance productivity, Icelandic platform Lucinity grabs $17 million

Reykjavík-based Lucinity has raised $17 million in funding. The Series B round was led by Keen Venture Partners and joined by Experian and its major existing investors, Crowberry Capital, Karma Ventures, and byFounders. The platform will use the proceeds to accelerate growth and geographic coverage for its unique Human AI technology.

The anti-money laundering (AML) software developer aims 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. Lucinity claims it helps banks and fintech firms 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.

Guðmundur Kristjánsson, founder and CEO of Lucinity said: “Our human AI is transforming clients’ productivity, and our partnerships are creating incredible productivity innovations for customers to leverage. This funding will help fuel our rapid growth as we expand our customer base, partner network, global team of experts, and product offering.”

Robert Verwaayen, general partner at Keen Venture Partners said: :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 this platform and its promise to address the global issue of financial crime.”