Elucidate in a €2.5 million pre-Series-A funding led by Frontline Ventures.

Elucidate, a Berlin, Germany-based developer of solutions for financial crime risk quantification, announced closing a €2.5 million pre-seed funding round.

The money was raised from investors led by Frontline Ventures, joined by existing investors Seed X Liechtenstein, APEX Ventures, and Big Start Ventures.

The deal is a second part of a similar raise of €2.5 million announced in the summer of 2020.

Elucidate, founded in 2018 by Filipe Garcia and Shane Riedel, offers a SaaS platform for the standardised quantification, measurement and reporting of FinCrime risk. The tool, called EFI (Elucidate’s FinCrime Index), is the industry’s only regulated financial crime risk tool and uses probability and machine learning to predict and prevent FinCrime before it happens. The company's SAAS is currently utilised by over 2,700 financial institutions, providing risk scores for users across five continents.