Finance Breaking news Financial crime detection startup Elucidate raises €2.5 million last financial news
Breaking-Finance.Com - Elucidate, the Berlin-based financial crime risk quantification agency, has raised €2.5 million in a pre-Series-A funding round led by Frontline Ventures.
Breaking-Finance.Com - Elucidate, the Berlin-based financial crime risk quantification agency, has raised €2.5 million in a pre-Series-A funding round led by Frontline Ventures. Existing investors Seed X Liechtenstein, Apex Ventures, and Big Start Ventures also participated in the round. This brings the total Elucidate has raised in 8 months following an earlier funding round in July 2020 to over €5 million.
. The firm's Financial Crime Index uses banks' own data to predict the likelihood of a financial crime risk event, such as money laundering, terrorist financing, trafficking, tax evasion and othersWill Prendergast, partner at Frontline Ventures says: “The cost of performing proper compliance checks today is so time intensive and costly that the easiest option for many financial institutions is not to trade with smaller banks or fintechs. That may seem to remove the problem but it also has very detrimental impacts on financial inclusion. We see Elucidate as the way of addressing this problem and opening up the financial system to those who deserve it, whilst identifying those that do not.”Elucidate says it will use the additional capital to expand rating coverage to 100% of the market and move into new market verticials including the public sector and regulators.
Source = Breaking-Finance.ComFinancial breaking news