![]() ![]() Shane Riedel, co-founder and CEO of Elucidate, said the investment comes at an integral moment for the company as it prepares to scale-up activities. Over the coming months, Elucidate will be engaging with key public authorities in the UK, highlighting the challenges of countering financial crime through existing processes and seeking to work with these authorities, including the FCA to implement advanced, risk-based solutions for financial institution. To ensure financial crime can be countered through government regulations, including shell company structuring and economic sanctions, a new approach is warranted. The FCA employs approximately 4,000 people and regulates over 50,000 institutions. Fraud and money laundering activities remain largely unmitigated and on the rise, with organizations relying on manual and outdated processes to counter financial crime. Geopolitical instability in Eastern Europe and the introduction of sanctions targeting Russia have highlighted the broader challenge financial institutions face when trying to identify and assess financial crime. Overall financial crime has skyrocketed during the COVID pandemic. ![]() The funding comes at a critical time for the financial sector. Existing investors APEX Ventures, Frontline Ventures, BiG Start Ventures and SixThirty Ventures, also participated. Elucidate, a financial crime risk management platform, has raised $8 million in a funding round led by AV8 Ventures, alongside Elevator Ventures, the corporate venture capital entity of Raiffeisen Bank International (RBI) and Tommy Nicholas, Founder and CEO of Alloy. ![]()
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