Risk management platform Elucidate receives eight million dollars

The start-up has taken up the cause of combating financial crime. Elucidate is now also receiving funding for its mission from Elevator Ventures, the venture capital company of Raiffeisen Bank International.

According to information from Trending Topics Elucidate has closed an eight million dollar funding round. AV8 Ventures, Elevator Ventures and Alloy founder and CEO Tommy Nicholas led the round. Existing investors Apex Ventures, Frontline Ventures, Big Start Ventures and Sixthirty Ventures also re-invested in the startup.

Shane Riedel and Filipe Garcia founded Elucidate in Berlin in 2018. The startup has developed a platform for combating financial crime and rates banks in nine categories based on bank data, publicly available data and commercial data. For example, banks receive a risk score on their transaction activities, sanctions and corruption. The Fincrime Risk Monitor will also allow banks to compare how well they perform against competitors in the fight against financial crime.

Elucidate plans to use the funds from the financing round to increase its revenue and expand its business and teams in its European and U.S. locations. The company also plans to expand its new financial crime pricing product.