Risk management platform Elucidate receives eight million dollars

The start-up is committed to fighting 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 completed a financing round amounting to eight million US dollars. 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 have also invested in the start-up again.

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

Elucidate intends to use the funds from the financing round to increase its sales and expand its business and teams at its locations in Europe and the USA. The company also plans to expand its new financial crime pricing product.