Lucinity is an AML and compliance software platform that uses augmented intelligence to assist financial crime professionals in banks and FinTechs. Our artificial intelligence monitors customer behavior to help find the needle in the haystack that could lead to potential money laundering. When these suspected cases are detected, the data is contextualized through visualizations and a user-friendly interface that helps compliance officers interpret the case.
Currently, an AML analyst at a bank may be spending 80% of their time analyzing data. Lucinity eliminates this problem, improving productivity and efficiency by over 50% for our customers, thereby reducing alert fatigue. Our goal at Lucinity is to help our clients Make Money Good™ by making their financial crime-fighting jobs more direct, more engaging and more effective.
How did the idea for the company come about?
I developed my first reinforcement-based learning software when I was 14 and sold it when I was 16. It has become the main tool for dyslexic children in Iceland. So I went to MedTech, where I felt I was doing something good for the world. Then I worked at NICE Systems as Director of Product Management, where I really saw an opportunity to help improve the financial crime prevention industry.
I then joined Citigroup as Chief Technology Officer for Compliance Surveillance, where I learned about AML within a bank for three years. At the time, financial institutions were easily spending $120 billion on AML, but their employees were still using systems built in 2003, before the invention of the iPhone. I’ve seen nearly 99% of AML analysts spend most of their day saying no to the software. This, combined with a number of major banks exposed to financial crime scandals, is why I decided to start Lucinity.
How has the company evolved in the last two years?
Lucinity has grown since we launched in November 2018. At this time last year, we had approximately 25 employees. Today, we have more than 70 employees, more than doubling in growth. We are now a global company with employees, customers and partners across Europe and North America.
This year was especially stimulating for our growth and culture. Pleo, a $4.7 billion FinTech company used by 20,000 companies, chose Lucinity as its central hub for financial crime prevention after a rigorous selection process of 50 vendors. We then announced a partnership with Experian, a partnership with SEON and a $17 million funding round.
What can we expect to see from Lucinity in the future?
Our goal is to be the most loved product in the AML industry and become the central financial crime-fighting hub for many organizations. Our goal is to have many satisfied customers who are long-term partners and enjoy collaborating with us. Furthermore, we want to be seen as a company that flourishes and grows. This includes 2-3x revenue growth and keeping our Employee Net Promoter Score (ENPS) high.