Lynx concludes a Series A round with $18 million raised

Madrid-based company called Lynx, which uses artificial intelligence to detect and prevent fraud and other financial crimes, recently completed a Series A funding round with a total of $18 million raised.

The round saw participation from a number of companies, including the existing shareholder and also the company’s client, Banco Santander. However, the leader of the funding round was Forgepoint Capital, a leading VC focused on digital infrastructure software and cybersecurity.

What does Lynx have to offer?

Lynx is a company that has been around for about 20 years now, and it was founded by Carlos Santa Cruz — a computer scientist and AI expert. These days, he acts as the company’s CTO.

Thanks to years of development, Lynx has found a way to apply advanced machine learning (ML) and artificial intelligence (AI) technologies to detect cases of digital fraud, money laundering, and similar financial crimes early on. It does this by predicting and detecting unusual behavioral patterns, after which it delivers risk scores in real-time, and at an enterprise scale.

Despite multiple layers of security, online criminals often tend to find ways to conduct financial fraud, whether because of security flaws, human error, insider knowledge, or for some other reason. As a result, the most efficient way of combating it is simply early detection, and that is what Lynx specializes in.

The firm’s technology was already recognized by a number of major financial institutions, which have since adopted it and used it to protect themselves. Some of the most notable examples include Santander, as well as Brazil’s Cielo.

Lynx’s technology has since been used to prevent fraud involving cards, e-commerce, digital banking, branches, and even ATMs.

Lynx to continue expansion and development

With a successful Series A funding round now behind it, the company will be able to use the new cash to fund its global expansion, and continue working on further development of its integrated fraud and AML platform.

Lynx’s acting CEO, Dan Dica, also commented on the new development, stating: “I am privileged to be working with Carlos and our extraordinary and passionate team, forward-looking clients, and supportive investors and Board who recognize the power of the Lynx platform and the critical problems we are out to solve. Together, we will continue to advance our platform capabilities to better serve our clients across the globe in the enduring fight against fraud and financial crime.”

Forgepoint Capital’s Managing Director Leo Casusol also commented on the company’s participation in the round, stating that Lynx offers a highly differentiated AI model that stops fraud and financial crime in real-time at an enterprise scale, and with unparalleled levels of accuracy. However, he also called the company the “best-kept secret in AI and banking.”

He also noted that Lynx has been collaborating on extensive co-development with leading global fintechs, banks, and enterprise clients, which allowed it a deep understanding of their fraud prevention, compliance, and risk needs.