Munich-based Hawk AI, a provider of anti-money laundering (AML) and fraud prevention technology for banks and payment companies, announced that it has raised €15.6M in a Series B round of funding.
The company says it will use the funds to accelerate its product development and expand its services globally.
The investment was led by Sands Capital from Washington DC, with participation from new and existing investors, including DN Capital, Coalition, BlackFin Capital Partners, and Picus Capital.
The company was founded in 2018 by experienced fintech veterans Tobias Schweiger and Wolfgang Berner, who both held senior leadership roles at PAY.ON (sold for $200M) and ACI Worldwide, the global payment systems company.
Hawk AI offers a cloud-based software solution for the automated detection of suspected cases of financial crime. The software helps financial institutions to make their transaction surveillance more efficient and ensure regulatory compliance.
The company claims that its solution drastically reduces false positive rates by over 70 percent compared to legacy AML/CFT solutions.
Currently, Hawk AI says it processes billions of transactions across 60 countries and works with leading financial institutions and partners such as North American Bancard, Ratepay, and Modularbank.
Based on the principle of information sharing, the company aims to become the leading compliance platform for transaction surveillance.
The company says it has witnessed 298 percent year-over-year revenue growth in 2022 and added Singapore to its global presence spanning Munich, London, New York, San Francisco, and Paris.
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