Regulated fincrime company Elucidate raises EUR 2.5

Elucidate, a financial crime risk scoring platform, has announced that it has raised EUR 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. Elucidate has raised over EUR 5 million in eight months. Founded in 2018, Elucidate’s FinCrime Index (EFI) is a regulated financial crime risk benchmark.

It serves a range of financial institutions and public sector entities by taking a quantified approach to predict and prevent financial crime before it happens.

The investment follows a seed financing round in July 2020. Elucidate will use the additional capital to expand rating coverage to 100% of the market. 

Additionally, Elucidate will accelerate market penetration to the public sector and regulators, in addition to banks, non-banking financial institutions (NBFIs), VASPs and fintechs already using the platform to assess, score and price financial crime risk.

Built using probabilistic modelling and machine learning, it moves the financial crime risk dial from manually determined reactions to a universal standard for financial crime risk analysis and scoring.