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.
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