Madrid-based Lynx secures €17M in series A round funding led by Forgepoint Capita. a leading venture capital firm focused on cybersecurity and digital infrastructure software, with the participation of Banco Santander, a Lynx shareholder. Forgepoint Managing Director Leo Casusol will join Lynx’s Board of Directors.
Digital fraud is the fastest-growing type of fraud. Cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed USD$343 billion. Financial institutions are spending upwards of $206 billion globally on financial crime compliance.
Created 20 years ago by Dr. Carlos Santa Cruz, a computer scientist and artificial intelligence expert who now serves as Chief Technology Officer. After two decades of co-development with select commercial clients, Lynx also announces the appointment of new CEO, industry leader Dan Dica,
Lynx applies advanced AI and machine learning to prevent digital fraud and combat money laundering by predicting and detecting behavioural patterns and delivering risk scores in real time and at enterprise scale.
The investment will fund Lynx’s global expansion and further the development of the company’s integrated fraud and AML platform that will provide 360-degree visibility of risk and generate significant operational efficiencies, informed by market and regulatory drivers, client needs and technological advancements.
Dan Dica, Chief Executive Officer, Lynx, comments: “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.”
Julio Bento, Senior Manager of Fraud Prevention and AML at Cielo, says: “We are one of the leading payment processing companies in Latin America, with more than 1 million customers across Brazil and we chose Lynx due to its advanced AI and performance in predicting and identifying fraud. At Cielo, we process large quantities of transactions, so speed is essential. We found Lynx to be the fastest, with the highest accuracy and the fewest false positives. We are impressed by Lynx’ continuous innovation in the field of AI, automatic machine learning models being one example. Models can learn customer behavior and provide our customers with a great experience, enabling genuine transactions to flow while identifying fraud in real time. Over the years, Lynx has been and continues to be a trusted and reliable technology partner.”
Forgepoint Capital Managing Director Leo Casusol adds: “Lynx’s highly differentiated AI model stops fraud and financial crime in real time, at enterprise scale and with unparalleled levels of accuracy. It’s the best kept secret in AI and banking. After extensive co-development with leading global banks, fintechs and enterprise clients, Lynx demonstrates a deep understanding of their fraud prevention, compliance and risk needs and has achieved product-market fit. We are excited to support Dan, Carlos and the Lynx team as they continue to deliver on their vision of an integrated anti-fraud, AML and cyber platform.”
Lynx is a leading provider in AI software designed to detect and prevent fraud and financial crimes, leveraging deep academic expertise and exceptional engineering developed over 20+ years to deliver best in class results.