Lucinity

Helping compliance teams uncover money laundering

Location
Reykjavík, Iceland
Revenue size
EUR 500,000+
Year founded
2018
Funding raised
EUR 6.8 million
Founder
Gudmundur Kristjansson
Most relevant investors
byFounders, Karma Ventures, Crowberry, Preceptor Capital
Team size
50
Website

www.lucinity.com

Problem

Financial firms increasingly need to prevent money laundering and are allocating large resources to this task. It is estimated that the total cost of financial crime compliance across all financial institutions reached USD 214 billion in 2021.

SOLUTION

Lucinity has developed a Human AI solution that helps banks improve regulatory compliance, while lowering costs and understanding customer risk. Lucinity‘s sophisticated behavior detection is based on the company‘s proprietary Knowledge Graph.

The advanced system continuously learns from analysts and AI feedback loops, while providing visualizations, model explanations of findings and anti-money laundering processes, so the surveillance team can spend more time on making decisions rather than making sense of data.

KEY CUSTOMERS AND INTERNATIONAL PRESENCE

Lucinity has offices in New York and Reykjavik and serves customers from the entire financial sector, including Tier-1 banks. Lucinity was awarded the best newcomer award at the Nordic Startup Awards 2020, and WSA Global Champion in 2022.

Team

The Lucinity Team holds a combined experience of well over a century, and develops modern AML solutions embedded with deep expertise in multi-jurisdiction regulatory law, data science, AI technologies, computer science, product design, and compliance investigations.

Unique selling point

The company’s ‘Human AI’ approach uses best-of-class AI-driven products to empower the human and collaborative elements of compliance. Lucinity offers end-to-end solutions for customers to transform their workflows with behavior detection and continuous, risk-based monitoring.

Asia Connection

Lucinity is looking to boost their internationalization efforts, and wants to engage in commercial agreements with leading East Asian banks and Fintech companies.

Pitch

GET IN TOUCH WITH

Lucinity