RegTech Salv raises €4m to fuel European expansion
By Gloria Methri
Estonian RegTech start-up Salv has closed a €4 million seed round extension led by ffVC, with German G+D Ventures and existing investors also participating. The funds will allow Salv to further develop its RegTech technology and support geographical expansion to new territories, including Poland.
Founded by former Wise and Skype employees, Salv offers necessary AML functionalities to financial services companies, such as automatically identifying and prioritising suspicious activity and processing vast amounts of data in real time. The company’s toolset also includes its proprietary collaborative crime-fighting platform – Salv Bridge, which uses the collective power of its network to minimise non-compliance and financial crime.
Taavi Tamkivi, CEO and co-founder of Salv, commented on the new market entry, “Our collaborative-crime fighting platform, Salv Bridge, is proven to be effective against money laundering, sanctions, and fraud. The funds allow us to add further functionality to our modular AML toolset and expand to new markets, helping more companies greatly improve their crime-fighting measures and thereby protect their end-customers.”
Andres Kitter, Deputy CEO of LHV UK, stated, “LHV Bank took part in the Bridge pilot and saw excellent results in a short timeframe – authorised push payment fraud cases dropped significantly across the network. In the UK, where we process payment volumes worth hundreds of millions every day, Salv’s solutions allow us real-time communication with other institutions within the network and provide us with tools to apply effective countermeasures to constantly changing patterns of financial crime.”
Mateusz Zawistowski, Managing Director of ffVC, said on their investment, “We invested in a working solution that has already proven effective against financial crime. For us, an important element was that 21 financial institutions in Europe have already joined the collaborative crime-fighting network and collectively solved almost 7000 investigations, helping to prevent €6-7m from reaching criminals. We see a huge potential for geographical expansion and more financial institutions joining the network to improve their compliance and crime-fighting capabilities.”
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