Lynx secures €17M for global expansion and fraud detection tech

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Lynx secures €17M for global expansion and fraud detection tech

MADRID - Lynx, a Madrid-based artificial intelligence software firm specializing in financial crime prevention, has announced a significant boost to its operations with a €17 million Series A funding round. The investment was led by Forgepoint Capital, with notable participation from Banco Santander (BME: SAN ). This capital infusion marks a pivotal moment for the company as it sets its sights on global expansion and the enhancement of its fraud detection and anti-money laundering (AML) platform.

Founded two decades ago by Dr. Carlos Santa Cruz, Lynx has established itself as a key player in the financial security sector. The firm's innovative 'Daily Adaptive Model' technology is designed to meet stringent banking requirements and regulatory controls, enabling it to adapt continually to new behaviors and improve risk assessment accuracy. Lynx's solutions are already in use by financial institutions across Europe, the UK, the United States, and Latin America.

The fresh funds will be directed towards scaling up Lynx's operations internationally and further developing its platform which is crucial for efficient management of financial crimes. The company's technology analyzes behavioral patterns in real-time to produce risk scores, processing a staggering 58 billion transactions and safeguarding 300 million bank customers every year. Among its clients are Banco Santander and Cielo, Brazil's largest card operator.

In conjunction with the funding announcement, Lynx has appointed Dan Dica as its new CEO. Dica brings a wealth of experience from his previous role as senior vice president of global sales at OneSpan (NASDAQ: OSPN ). His expertise in fraud prevention and AML will be instrumental in driving Lynx's growth strategy.

Leo Casusol of Forgepoint Capital will join the Board of Directors at Lynx following this investment round. The addition of Casusol's expertise is expected to further strengthen Lynx's board with strategic guidance as they navigate through their next phase of expansion.

With this substantial financial backing and strategic leadership changes, Lynx is poised to make significant strides in its mission to equip financial institutions with cutting-edge tools to combat financial crimes more effectively on a global scale.

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