We got an exclusive look at the pitch deck Icelandic fintech Lucinity used to raise $6.1 million during the coronavirus to 'make money good'

  • Icelandic fintech startup Lucinity has raised $6.1 million in fresh funding from Karma Ventures and byFounders. 
  • The anti-money laundering company uses a cloud-based integration to help financial institutions better understand transaction data. 
  • "Not many banks wake up planning to facilitate money laundering but their tools to prevent it are limited," Lucinity founder and CEO Gudmundur Kristjansson. "That's why we want to 'make money good' using our AI to help banks to ensure that money they are lending out comes from clean sources."
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Financial crime and money laundering is a thorn in the side of financial institutions. Compliance is often costly and manual.

A 2018 report by data provider Refinitiv suggested that $1.45 trillion had been lost by businesses as a result of financial crime.

Cloud-based Icelandic anti-money laundering fintech startup Lucinity has just raised $6.1 million in fresh funding to help alleviate the problem.

"Not many banks wake up planning to facilitate money laundering, but their tools to prevent it are limited," Lucinity founder and CEO Gudmundur Kristjansson. "That's why we want to 'make money good' using our AI to help banks to ensure that money they are lending out comes from clean sources."

The anti-money laundering company uses a cloud-based integration to help financial institutions better understand transaction data. 

The new round was co-led by Karma Ventures and ByFounders, bringing the startup's total funding to $9 million. Previous investors Crowberry Capital and Preceptor Capital also participated in the company's seed round in June last year.

Lucinity was already planning for its next raise when it closed that earlier seed round, Kristjansson said. The round started off in March and was officially closed at the start of July.

"We were planning our Series A for this year but saw an opportunity in Covid where our thesis on what would happen to banking from a digital perspective could come around now," Kristjansson added. "We were positioned to leverage whatever situation comes out of Covid and the fundraising was a good opportunity to see if investors would put their money where their mouth is." 

Lucinity's product focuses on what it calls "Human AI," effectively a feedback loop which provides charts and explanations of data, which Kristjansson calls the "secret sauce" which has been missing from many previous anti-financial crime products.

Funding will be used to continue scaling the Lucinity team as it looks to deploy its services within financial institutions in Europe and the US. 

Check out Lucinity's pitch deck below:


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