AML startups Lucinity and Hummingbird raise funds

Iceland-based Lucinity uses ‘Human AI’ to help financial services firms detect suspicious behaviour and ‘Make Money Good’ with more automation and self-learning.

[Founder: ] “Banks have been fighting a good fight, but with outdated technology. Now it’s time to step up and empower banks to reach beyond the 1% of laundered money that they currently capture.”

Launched in 2017, US outfit Hummingbird has signed big financial institutions, as well as upstarts Brex, Upgrade and Etsy, to its technology, consisting of a case management, investigation, and reporting platform; and an API for validating and filing regulatory reports.

[CEO:] “The new funding will allow us to move forward with technologies that could improve the quality and speed of communication among institutions and leverage structured datasets, with ethical care, for machine learning,”