Financial crime risk scoring platform Elucidate raised €2.5 million in a pre-Series-A funding round led by Frontline Ventures along with participation from existing investors Seed X Liechtenstein, APEX Ventures, and Big Start Ventures. Elucidate had secured a funding round in July last year brining the total funding now to over €5 million. Elucidate was founded in 2018.
Elucidate’s FinCrime Index is a regulated financial crime risk benchmark and enables financial institutions and public sector entities to quantify, predict and prevent financial crime. The technology employs predictive modelling and machine learning, and is a leap for financial crime risk from manually determined reactions to a new standard for financial crime risk analysis and scoring.