German RegTech Hawk AI has raised $17 million in Series B financing to fund further product development and global expansion.
The funding round 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.
Powered by Explainable AI and based on flexible cloud infrastructure, Hawk AI's surveillance platform helps financial institutions detect and prevent fraud and money laundering.
Founded in 2018, the company has scaled globally, processing billions of transactions across 60 countries. Hawk AI works with leading financial institutions and partners such as North American Bancard, Moss, Banco do Brasil Americas, Mambu, Visa, and Lexis Nexis. Forty percent of its revenues are derived from the US.
Tobias Schweiger, CEO and co-founder of Hawk AI, says: “Hawk AI’s growth will continue to be fueled by industry-wide demand for AI, Cloud outsourcing, and a convergence of Fraud and AML technology. This funding will allow us to reach our ambition to become the leading global surveillance platform faster.”
Regulation and compliance appear to be one of the few areas of fintech not sufffering from the current downturn. News of Hawk AI's funding comes on the same day that Salv, a RegTech startup founded by a gaggle of former Wise and Skype staffers, raised €4 million to launch its collaborative crime fighting platform.