Fraud and money laundering prevention provider Hawk has raised $56 million in new funding. The Germany-based company says its Series C round, announced Tuesday (April 8), will help it finance further product innovation and fuel expansion efforts, especially in the U.S. “Hawk enables banks to move beyond the traditional rules-based approach to anti-money laundering and fraud,” the company said in a news release. “Traditional systems create significant problems for compliance teams, including huge volumes of false positive alerts that need to be reviewed, which in turn leads to staffing challenges and costs.”

Two initial fans of products from Alexandria data management startup pgEdge have become such supporters of the company that they are now part-owners.