Banking

Hawk AI gets funding to improve anti-money-laundering software

Hawk AI raised $10 million in its Series A funding round through BlackFin Capital Partners, with Picus Capital also participating by expanding its existing share.

The Munich-based vendor’s software protects banks, payment firms and fintechs by detecting transactions linked to financial crimes. The software identifies patterns of suspicious activity with the help of artificial intelligence that allows it to deliver actionable alerts.

“We have made it our mission to bring long overdue technology advancements such as cloud, AI and real-time analytics to these sensitive and costly processes,” Tobias Schweiger, co-founder and CEO of Hawk AI, said in a press release. “This latest investment speaks volumes about the opportunity we have in front of us, and we’re grateful for the support of our investor partners that validate our mission.”

Hawk AI plans to use the funding to strengthen its European and U.S. footprint, while also expanding to Singapore and the United Arab Emirates. Additionally, Hawk AI expects to double its employee headcount by the end of 2022.

“Regulators and financial institutions around the world understand that the problem of financial crime and compliance cannot be solved with legacy, rules-based software alone,” Maxime Mandin, investment director at BlackFin Capital Partners, said in the release. “In an increasingly dynamic market, Hawk AI stands out as the next generation solution for transaction surveillance, with strong references not only in the mid-market but also with large-scale, complex deployments.”

Ratepay, North American Bancard and Modularbank are among Hawk AI’s current customers.


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