In today’s top news from Europe, the Middle East and Africa (EMEA), software company AML Lucinity has raised $17 million, Flutterwave denies wrongdoing and Airbnb is launching a new feature.
Lucinity raises $17 million in Series B
Anti-money laundering software developer Lucinity raised $17 million in a Series B funding round.
The Reykjavic-based FinTech makes AI-powered anti-fraud and anti-money laundering (AML) tools.
Calling its approach “human AI,” Lucinity believes that machine learning and data science should exist to complement the work of human security professionals, rather than replace it.
Lucinity’s technology creates interpretable and intuitive displays of AI-generated data. Comprised of transaction monitoring tools, actor intelligence, and a Suspicious Activity Report (SAR) monitor, the AML platform emphasizes the synergy between humans and AI and the need for the two to work together to combat money laundering.
Flutterwave denies Kenyan regulator’s anti-money laundering claims
FinTech Digital Payments Flutterwave has denied any wrongdoing after a Kenyan court froze its bank accounts.
As Bloomberg News reported on Thursday (July 7), Kenya’s High Court locked the company out of its 52 multi-currency accounts, which are spread across three banks and hold more than $40 million.
The court’s decision was based on a request from the Asset Recovery Agency under anti-money laundering (AML) regulations. The court order states that Flutterwave is prohibited from “transacting, withdrawing, transferring” the money for 90 days.
Airbnb launches Historic Homes category in Europe
Airbnb is launching a new feature, called Historical Homes, to capitalize on demand for heritage travel and make it easier for customers to find older homes, the company announced Thursday (July 7).
Additionally, the company has rolled out its Heritage Academy in France, Italy and Spain, which provides potential Hosts with a toolkit and a personal Host Ambassador to help them train to become a Host for one of these houses.
UAE government employees are offered a year’s paid leave to start businesses
To encourage entrepreneurship in the country, citizens employed by the UAE government will now be able to take up to a year off to start their own business, the government announced on Thursday (July 7th).
Government employees who take advantage of the furlough opportunity will keep their jobs and still receive half their salary.
ArK Kapital doubles its fund pool
Stockholm-based startup ArK Kapital announced today (July 7) that it has secured an additional €150 million in funding, meaning it now has a capital of €300 million. euros.
ArK Kapital is a data-driven precision finance company, which aims to provide non-dilutive loans of €1-10 million to startups in various industries. The company has developed a proprietary artificial intelligence platform, the ArK Intelligence Machine (AIM), which combines company data with external market data to generate business intelligence and strategic foresight.
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