Anti-money laundering (AML) software developer Lucinity has announced the completion of a $17 million Series B funding round. The investment round was led by Keen Venture Partners, with participation from existing investors byFunder, Karma Ventures, and Crowberry Capital.

Lucinity says it wants to deliver user-eccentric compliance systems that will be augmented by artificial intelligence (AI) The platform has assisted several fintech firms and banks to speed up their compliance productivity levels by more than 50%. As a result, it has given more time to fight financial crime instead of battling with complex data.

Lucinity Expands Operations Through Partnerships

Lucinity offers its services to several top-rated companies. One of them is Visa’s Currencycloud, which is part of the largest global payment platform in the world. Another fintech Pleo is also a customer which offers its fintech products used by more than 20,000 companies.

Lucinity said the new funding will be used for the expansion of its services and markets. The company has also partnered with several companies as part of its expansion plans. It recently collaborated with Seon and Experian. The partnership with the former will enable Lucinity to help companies prevent fraud and money laundering. With Experian, Lucidity will deliver next-generation Know Your Business (KYB) and risk assessments.

Lucinity Improving Compliance And Reducing Risks

Chief Executive Officer of Lucinity Guðmundur Kristjánsson stated that the firm’s Human AI can transform its clients’ productivity. “It’s exciting to see Lucinity’s ground-breaking change ripple through the compliance and risk spaces,” he commented.

Kristjánsson added that its partnerships will allow customers to leverage incredible productivity innovations. He added that the additional fund will enable the company to facilitate its growth and expand its customer base, product offerings, global team of experts, and partner network.

General Partner at Keen Venture Partners, Robert Verwaayen, stated that the company is excited to participate in the funding round. The partnership will enable fintech and banks to deal with compliance issues and approach them in a truly risk-based method. The funding will enable the parties to address the global issues of financial crime which will become beneficial to several companies.