German RegTech Hawk has extended its Series B funding round with an additional investment from Dutch bank Rabobank.
Hawk raised $17 million in March during the initial tranche of its Series B, led by Sands Capital from Washington DC, with participation from both new and existing investors, including DN Capital, Coalition, BlackFin Capital Partners, and Picus Capital. The involvement of Rabobank has resulted in a "substantial increase in valuation," though the specific investment amount has not been disclosed.
Utilizing Explainable AI and a flexible cloud infrastructure, Hawk’s surveillance platform aids financial institutions in detecting and preventing fraud and money laundering. Founded in 2018, the company has achieved global reach, processing billions of transactions in 60 countries. Hawk collaborates with prominent financial institutions and partners, including North American Bancard, Moss, Banco do Brasil Americas, Mambu, Visa, and Lexis Nexis. Notably, 40% of its revenues come from the US.
Martijn Scholtes, managing director at Rabo Investments, commented: “Rabobank has been working with machine learning applications for many years. What impressed us most about Hawk is that they’re delivering compelling results using explainable AI. Their advanced screening, detection and monitoring capabilities align very well with our mission to build a more secure and robust financial ecosystem.”