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Here’s an exclusive look at the pitch deck risk-modelling startup Elucidate used to raise $3 million from Silicon Valley investors

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Here’s an exclusive look at the pitch deck risk-modelling startup Elucidate used to raise $3 million from Silicon Valley investors

Shane Riedel CEO of Elucidate Elucidate This story is available exclusively on Business Insider Prime. Join BI Prime and start reading now. Berlin-based regulatory tech startup Elucidate has raised 2.5 million euros ($3 million) in a seed funding round led by San Francisco’s 11.2 Capital.The risk rating agency works with large institutions to reduce the…

Here’s an exclusive look at the pitch deck risk-modelling startup Elucidate used to raise $3 million from Silicon Valley investors

Shane ElucidateShane Elucidate

Shane Riedel CEO of Elucidate

Elucidate


This story is available exclusively on Business Insider Prime.
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  • Berlin-based regulatory tech startup Elucidate has raised 2.5 million euros ($3 million) in a seed funding round led by San Francisco’s 11.2 Capital.
  • The risk rating agency works with large institutions to reduce the risk of financial crime.
  • It was also funded by Seed X and Apex Ventures, along with smaller strategic investors and St.Louis’ SixThirty Ventures. 
  • “Financial crime is now a fairly crowded vertical where you’re trying to out-muscle established competitors in identifying risk,” Shane Riedel, cofounder and CEO of Elucidate, told Business Insider in an interview. 
  • Visit Business Insider’s homepage for more stories. 

Berlin-based risk-modelling startup Elucidate has raised 2.5 million euros ($3 million) in a seed funding round led by San Francisco’s 11.2 Capital.

The startup’s platform integrates with large institutions, analyzing data to assess financial crime and identify potential fraud. 

“Financial crime is now a fairly crowded vertical where you’re trying to out-muscle established competitors in identifying risk,” Shane Riedel, cofounder and CEO of Elucidate, told Business Insider in an interview. “Most solutions are manual and costly, we are helping banks to predict financial crime risk rather than deal with it because we look at all their data and determine that data’s probability of leading to a financial crime risk event.”

Regulatory requirements take up serious time and capital for major institutions. Riedel says few C-Suite executives would say their financial risk management is fully optimized. 

As a result, the regulation tech sector is exploding as banks and other financial institutions look for cheaper and more efficient ways to manage risk. The so-called regtech market is worth $6.3 billion but could spike to $16 billion by 2025, according to recent research from data firm Markets and Markets

Elucidate was also funded by Seed X and Apex Ventures, along with smaller strategic investors and St.Louis’ SixThirty Ventures. The company will use the funding to continue pressing for standardization within the industry to better improve the market as a whole.

“We’re not trying to take a pound of flesh from every bank in the world,” Riedel said. “We’re trying to create a framework where banks can put a value against their potential risk, so it’s more than just a base standard. That helps create incentives to help drive down financial crime risk naturally.”

Elucidate’s funding round closed yesterday following formal notarization from German authorities. Much of the round was concluded over video call with Elucidate keen to work with US VCs who have strong networks with mid-tier US banks. 

Check out the company’s redacted pitch deck below: 

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