Money laundering is an enormous problem for societies and economies. More than two trillion US dollars are laundered every year. Economic fraud has increased by more than 37% in high-growth markets in the last twelve months. Munich-based fintech Hawk AI, which supports banks and financial service providers in the fight against financial crime, is raising €17 million in a new Series B financing.
Hawk AI supports banks and financial service providers in the fight against financial crime. The company’s platform, built on flexible cloud infrastructure and amplified by explainable artificial intelligence, detects suspicious cases other systems miss while dramatically reducing false positives.
According to the company, the money will be used to further accelerate product development and global expansion. The funding round is led by Washington, D.C.-based Sands Capital and co-funded by new and existing investors, including DN Capital, Coalition, BlackFin Capital, and Picus Capital.
The Munich-based company was founded in 2018 by Wolfgang Berner and Tobias Schweiger, with ex-N26 Germany CEO Georg Hauer joining the software company in 2021. In the same year, Hawk AI raised $10 million in a Series A round for further product development and to prepare its way to the US. Today, it operates in more than 60 countries in Europe, North America, Asia, and Latin America and monitors billions of transactions for many large customers. Revenues quadrupled in 2022 alone, the company said.
