The scaling FinTech has already received backing from a growing number of renowned financial institutions and individuals who recognize the need for setting a global crime risk benchmark. Since being founded in 2018, Elucidate has rated over 20,000 organizations, setting a regulated benchmark to help the financial sector effectively counter surging financial crime. Elucidate gives financial institutions the ability to identify and measure financial crime risk through sophisticated automation. Riedel continued, “This funding validates the vital work we are doing, strengthens our position in the market and shows that, especially in this current era of geopolitical instability, the financial community is calling for innovative tech solutions to overcome systemic challenges.”Įlucidate has created the world’s first regulated risk scoring system for financial crime, the Elucidate FinCrime Index (EFI), to address this very problem and simplify the way the global financial system manages financial crime. Elucidate, with our vision to rid the Earth of financial crime, is leading this trend by demonstrating how technology can be leveraged to set a global benchmark for financial crime risk management.” A global reset in how we manage financial crime is needed. “The Ukraine-Russia conflict and the complexity banks have faced implementing the most recent sanctions has, once again, revealed the sheer scale of financial crime risk banks can find themselves exposed to when they lack the proper tools. Shane Riedel, Co-Founder and CEO of Elucidate, said the investment comes at an integral moment for the company as it prepares to scale-up activities. Over the coming months, Elucidate will be engaging with key public authorities in the UK, highlighting the challenges of countering financial crime through existing processes and seeking to work with these authorities, including the FCA, to implement advanced, risk-based solutions for financial institutions.
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Fraud and money laundering activities remain largely unmitigated and, on the rise, with organizations relying on manual and outdated processes to counter financial crime. Geopolitical instability in Eastern Europe and the introduction of sanctions targeting Russia have highlighted the broader challenge financial institutions face when identifying and assessing financial crime. Overall financial crime has skyrocketed during the COVID pandemic. The funding comes at a critical time for the financial sector.
Existing investors APEX Ventures, Frontline Ventures, BiG Start Ventures and SixThirty Ventures also participated. Elucidate, a financial crime risk management platform, has raised $8 million in a funding round led by AV8 Ventures, alongside Elevator Ventures, the corporate venture capital entity of Raiffeisen Bank International (RBI) and Tommy Nicholas, Founder and CEO of Alloy.
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