Lynx raises £15m Series A funding to fight fraud and financial crime
Fintech firm Lynx has secured £15 million (€17 million/$18 million) in a Series A funding round led by Forgepoint Capital, with participation from Lynx stakeholder Banco Santander.
Lynx raises £15 million Series A funding
Created 20 years ago by computer scientist and artificial intelligence (AI) specialist Carlos Santa Cruz (who currently serves as chief technology officer), Lynx leverages AI and machine learning to detect and prevent financial crime and fraud for cards, digital banking, e-commerce, telephony, branches and ATMs, by analysing behavioural patterns and putting up risk scores in real time.
It claims to serve financial institutions across Europe, UK, US and Latin America, with clients including Banco Santander and Cielo, which is the largest credit and debit card operator in Brazil. Lynx adds that its solution sifts through 58 billion transactions and protects 300 million bank customers every year.
With the fresh cash injection, Lynx plans to fund its global expansion efforts, as well as further develop its fraud and anti-money laundering (AML) platform so it can provide complete visibility of risk and improve operational efficiencies.
The company has also appointed Dan Dica as its new CEO. Having spent more than two decades in fraud prevention, AML and digital identity sectors, Dica is expected to leverage his “extensive experience” towards helping the firm scale up.
He joins Lynx from OneSpan, where he served as senior vice president of global sales for over five years. Prior to that, he worked at Vasco Data Security, WhiteStone and UniSoft.
