Fintech firm Hawk secures $56m in Series C funding

Hawk, a supplier of AI-based solutions for anti-money laundering (AML), fraud detection, and screening, has secured $56m successful a Series C backing round.

The circular was spearheaded by One Peak, with backing from existing investors specified arsenic Macquarie Capital, Rabobank, BlackFin Capital Partners, Sands Capital, DN Capital, Picus, and Coalition.

One Peak co-founder and managing spouse David Klein said: “The worth that Hawk delivers to AML and fraud teams astir the satellite is genuinely remarkable.

“Financial institutions of each sizes attest to Hawk’s quality to present awesome results, exceptional reliability and collaborative support.

“Hawk’s exertion enables banks to instrumentality a overmuch much businesslike attack to warring fiscal crime, and we’re precise excited to beryllium backing Hawk’s world-class squad successful their adjacent limb of explosive growth.”

The recently acquired funds volition substance Hawk’s efforts successful further processing its products and expanding its beingness globally, with absorption connected the US.

Currently, Hawk has a lawsuit basal of much than 80 clients worldwide, ranging from salient Tier 1 banks to mid-sized fiscal institutions and fintech firms.

Utilising AI, Hawk enables banks to determination distant from outdated, rules-based methods of detecting wealth laundering and fraud.

Traditional systems often overwhelm compliance teams with a precocious measurement of mendacious positives, which request to beryllium manually reviewed, starring to costly operational inefficiencies.

Such bequest systems make large challenges for compliance departments, including the request to grip excessive numbers of mendacious alerts. This often leads to staffing issues and escalates the outgo of operations.

Hawk claims that its AI-powered exertion increases detection accuracy, helping to uncover much fiscal crimes portion minimising the fig of mendacious positives.

Hawk CEO Tobias Schweiger said: “Every fiscal instauration that wants to trim compliance workloads and summation the accuracy of hazard detection should beryllium utilizing AI to execute those goals.

“The results are compelling—we’ve been capable to summation alert accuracy to astir 90% successful immoderate cases, portion importantly cutting mendacious positives.

“We’re besides uncovering doubly arsenic galore antecedently undetected cases of ‘novel’ transgression activity.”

"Fintech steadfast Hawk secures $56m successful Series C funding" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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