Hawk AI, an AI-powered anti-fraud solution, has closed its Series A on $10m, which it hopes will foster its international growth.
The round was backed by BlackFin Capital Partners and Picus Capital, which increased its existing share.
With the equity infusion, the RegTech company hopes to bolster its European and US footprint, whilst also entering the Singapore and United Arab Emirates markets. Its expansion efforts also include doubling employee headcount by the end of 2022.
Hawk AI helps banks, payment firms and FinTechs detect transactions linked to financial crime. Its AI-powered technology identifies suspicious activity within financial transactions and provides AML experts with actionable alerts/
It claims financial institutions can use its services to cut costs on regulatory compliance, with it also capable of integrating with existing infrastructure.
BlackFin Capital Partners investment director Maxime Mandin said, “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.
“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. At BlackFin, we have been following the company since its inception and have always been impressed by the strong vision and the deep payment background of the founders – which is a key competitive advantage of Hawk AI.”
The RegTech company recently deployed its AML solution into Modularbank to help the FinTech bolster its AML efforts.
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