Elucidate, which claims to be revolutionising FinCrime risk management, has reportedly closed €2.5m in pre-Series A funding.
Frontline Ventures acted as the lead investor, with contributions also coming from previous backers APEX Ventures, Seed X Liechtenstein and Big Start Ventures according to a report from EU Startups.
The RegTech previously raised funds in July 2020, and combined with the fresh round, it has raised a total of €5m in funding.
With the fresh equity, the startup hopes to extend its rating coverage to reach 100% of the market. Furthermore, the company hopes to increase its market penetration to the public sector and regulators.
Elucidate helps banks, FinTechs, non-bank financial institutions and others to improve their risk management capabilities. Its tools include affiliates risk monitoring, compliance management, risk assessment automation, payment pricing, enhanced due diligence automation, counterparty monitoring and correspondent banking risk monitoring.
Its blockchain-enabled platform can be tailored to the specific needs of clients.
Elucidate co-founder and CEO Shane Riedel told EU Startups, “The US passed the world’s first anti-money laundering legislation 50 years ago and we continue to see scandals emerge with shocking regularity. The time for status quo optimisation has passed and we are in a unique position to digitise an antiquated infrastructure.
“Our deep learning dataset is unparalleled in the industry, identifying financial crime patterns as they emerge. Just as John Moody revolutionised the way credit risk was understood in 1909, Elucidate’s universal standard is enabling the next wave in financial crime risk management, focused on efficiency and effectiveness, with a benchmark built on standardised risk scoring.”
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