German fintech Hawk AI has raised $17m in a Series B funding round led by US-based Sands Capital.
The round also saw participation from new and existing investors including DN Capital, Coalition, BlackFin Capital Partners, and Picus Capital.
Hawk AI, which provides anti-money laundering (AML) and fraud prevention technology to financial services companies, plans to use the proceeds for geographic expansion and to speed up product development.
The fintech’s surveillance platform is powered by explainable artificial intelligence (AI) and is based on a flexible cloud infrastructure.
Hawk AI CEO and co-founder Tobias Schweiger said: “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.”
The company claims to have recorded 298% growth in year-over-year revenue in 2022 and it now counts Singapore among its international locations of Munich, London, New York, San Francisco, and Paris.
It counts payment technology major VISA and banking solutions provider Diebold Nixdorf as its partners.
Sands Capital principal Chris Eng said: “Financial crime has historically been challenging to identify due to the complexity of financial structures and regulations. Hawk AI’s sophisticated technology and use of explainable artificial intelligence present critically needed straightforward solutions for institutions across the payments landscape.
“Hawk AI is a leader in creating a more secure financial ecosystem, and we are excited to partner with their team as they continue to expand their platform globally.”