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Berlin-based Elucidate raises €2.5 million to establish its financial crime risk benchmark

Today Elucidate, the financial crime risk scoring platform, today announced that it has raised €2.5 million in a pre-Series-A funding round led by Frontline Ventures. Founded in 2018, Elucidate’s FinCrime Index (EFI) is one of the industry’s only regulated financial crime risk benchmarks. Built using probabilistic modelling and machine learning, it moves the financial crime risk dial from manually determined reactions to a new universal standard for financial crime risk analysis and scoring. Preventing financial crime requires utilisation of all available data, yet most financial institutions and regulators are currently under-utilising the data available to them. The speed of uptake is indicative of the appetite for an alternative and enhanced approach to financial crime risk.

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