Inspired by the Seversky P-35, the Reggiane Re.2000 Falco (Falcon) was designed at the same time as the MC.200 and G.50 but lack of a suitable engine made it only a marginal improvement over its venerable contemporaries. Regardless of these shortcomings (most noticeably unprotected fuel tanks in the wings), the Re.2000 was generally well-liked by its crews and despite government preference for the MC.200, a number trickled into service and even served on Italian battleships as a reconnaissance and observation platform (launched via catapults). It was also a modest export success with Hungary purchasing 70 and license-producing over 200 others which were used in combat on the Eastern Front seeing far more combat in this campaign than with the Regia Aeronautica itself. Besides Hungary, about 60 Re.2000s were exported to Sweden with some also in operation by the Luftwaffe.

The prototype Re.2000 flew for the first time on 24 May 1939 with the first exports the following year to Hungary. These were designated Re.2000 Serie I and in Italian service were used mostly for home defense. The Re.2000 Serie II variant was used on board Italian warships while license-produced Hungarian aircraft were known as the Mavag Héjja I and II (Hawk), the main difference being the use of local rather than Italian armament.