Germany’s Hawk AI has raised $10 million in a Series A round led by BlackFin Capital Partners to finance global expansion for its AI-based AML platform.
The AML software provider says it will use the investment to expand its product and market footprint to Singapore and the UAE from its current focus on banks, payment firms & fintechs within Europe and the US.
The firm’s software identifies patterns of suspicious activity in financial transactions with the help of artificial intelligence and provides anti-money-laundering experts with actionable alerts.
Drawing insights from the ongoing monitoring of billions of transactions annually, the product forms a platform for information sharing and surveillance across multiple financial institutions.
Hawk AI was founded in 2018 by Tobias Schweiger and Wolfgang Berner, who both previously held senior leadership roles at PAY.ON and ACI Worldwide. The firm counts among its customers and partners Ratepay, North American Bancard and Modularbank.
“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,” says Maxime Mandin, investment director at BlackFin Capital Partners. “In an increasingly dynamic market, Hawk AI stands out as the next generation solution for Transactions Surveillance, with strong references not only in the mid-market but also with large-scale, complex deployments.”
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