![]() The Berlin-based fintech enables financial institutions to leverage their own data to assess and predict the likelihood of a financial crime risk event, such as money laundering, terrorist financing, trafficking and tax evasion. ![]() Stanhope Financial Group has also been granted financial services licences in Lithuania and the United Arab Emirates.Įlucidate, a financial crime risk management platform, has raised $8 million in a funding round led by AV8 Ventures, Elevator Ventures, the venture capital entity of Raiffeisen Bank International (RBI) and Tommy Nicholas, Founder and CEO of Alloy.Įxisting investors including APEX Ventures, Frontline Ventures, BiG Start Ventures and SixThirty Ventures also participated. Its affiliate company, SH Digital, offers cryptocurrency liquidity and trading services. The company’s SH Capital division, licensed in Dubai’s International Financial Centre, allows institutions and family offices to gain access to global investment products across all capital markets. Through its SH Payments arm, Stanhope’s banking services allow businesses to send and receive money globally – including foreign exchange (FX), multi-currency accounts and payments solutions. The funds will be used to develop Stanhope’s product offerings, strengthen its management team, increase market share and launch SH Digital – its upcoming digital assets division. Ireland-based fintech Stanhope Financial Group has raised more than $10 million in a Series A funding round led by Gate Ventures. With the integration of Cashew into Neopay, Mashreq Bank aims to provide BNPL options for merchants so that customers in the Middle East have access to wider payment options. ![]() The fintech claims to have more than 200 retailers onboard, and processes more than $1 million every month in transactions. ![]() Launched in 2020, Cashew Payments specialises in point-of-sale (POS) financing. “This partnership will give consumers the largest merchant network to shop at and the ability to pay over longer terms,” says Cashew co-founder Ammar Afif. It will also help Cashew expand in other regions, including Egypt. Under the terms of the investment, Mashreq Bank will integrate Cashew as an option on Neopay, the bank’s payments arm. Elucidate, with our vision to rid the Earth of financial crime, is leading this trend by demonstrating how technology can be leveraged to set a global benchmark for financial crime risk management.Cashew receives funding from Mashreq Bank "A global reset in how we manage financial crime is needed. Shane Riedel, CEO, Elucidate, says: "The Ukraine-Russia conflict and the complexity banks have faced implementing the most recent sanctions has, once again, revealed the sheer scale of financial crime risk banks can find themselves exposed to when they lack the proper tools. The company says it will look to "engage with key public authorities" to push its risk-based approach. The company says that the funding comes as overall financial crime has skyrocketed during the Covid pandemic, a problem that has been exacerbated by the geopolitical instability in Eastern Europe and the introduction of sanctions targeting Russia.Įlucidate highlights the challenge faced by the UK's FCA, which employs approximately 4000 people and regulates over 50,000 institutions. The firm's Financial Crime Index uses banks' own data to predict the likelihood of a financial crime risk event, such as money laundering, terrorist financing, trafficking, tax evasion and others. Since its founding in 2018, Elucidate has expanded data analytics coverage to over 20,000 organisations. Elevator Ventures, the corporate venture capital entity of Raiffeisen Bank International, APEX Ventures, Frontline Ventures, BiG Start Ventures and SixThirty Ventures also participated.
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