German AML regtech Hawk AI lands $17m Series B
German anti-money laundering (AML) and fraud prevention regtech Hawk AI has landed $17 million in Series B funding to support its ongoing global expansion.
Hawk AI CEO and co-founder Tobias Schweiger
The round was led by Washington DC-based Sands Capital and saw participation from new and existing investors including DN Capital, Coalition, BlackFin Capital Partners and Picus Capital.
Hawk AI CEO and co-founder Tobias Schweiger says: “Hawk AI’s growth will continue to be fuelled by industry-wide demand for AI, cloud outsourcing, and a convergence of fraud and AML technology.”
The firm’s surveillance platform leverages “explainable AI” and the cloud to provide actionable solutions to financial crime teams.
With financial institutions under constant pressure to improve their transaction monitoring, screening, and customer due diligence initiatives, augmenting traditional rule-based systems with explainable AI allows institutions to uncover more cases of financial crime while “drastically reducing” the burden of false positives, Hawk AI says.
The company experienced 298% year-over-year revenue growth in 2022 and added Singapore to its global presence spanning Munich, London, New York, San Francisco and Paris.
