Hawk, a Germany-based supplier of AI-driven anti-money laundering (AML), screening, and fraud prevention options, has secured US$56 million in Collection C funding.
The corporate, which helps over 80 purchasers globally – together with Tier 1 banks, mid-sized monetary establishments, and fintech companies – will use the funds to drive product growth and increase its presence internationally, with a selected concentrate on the US.
The funding spherical was led by One Peak, with participation from present buyers Macquarie Capital, Rabobank, BlackFin Capital Companions, Sands Capital, DN Capital, Picus, and Coalition.
Hawk’s know-how goals to deal with limitations in conventional rules-based AML and fraud detection programs, which regularly generate giant numbers of false positives and fail to detect extra complicated or novel prison actions.
The corporate’s AI-powered platform is designed to enhance accuracy and cut back the operational burden on compliance groups.
“Each monetary establishment that wishes to scale back compliance workloads and improve the accuracy of danger detection ought to be utilizing AI to attain these objectives,”
mentioned Tobias Schweiger, CEO of Hawk.
“The outcomes are compelling – we’ve been in a position to improve alert accuracy to virtually 90% in some instances, whereas considerably slicing false positives. We’re additionally uncovering twice as many beforehand undetected instances of ‘novel’ prison exercise.”
He added:
“AI is in our DNA at Hawk. Our mission is to offer monetary establishments with the know-how, the experience and the help that they should realise the transformative influence that machine studying and generative AI can have throughout their anti-financial crime operations.”
Featured picture credit score: edited from freepik
