Salv Raises €4 Million In Funding From Wise Alumni
21 financial institutions from all over Europe have joined Salv’s network to fight crime together and stop €6-7m worth of fraud.
Salv, an Estonian regtech company that was started by three people who went to Wise, has raised €4 million in a seed round.
CEO Taavi Tamkivi, COO Jeff McClelland, and CTO Sergei Rumjantsev started the fintech in 2018. Its main goal is to fight financial crime by giving financial services companies tools to stop money laundering.
Salv says it is the “world’s first real-time collaborative crime-fighting platform.” Its network of companies helps reduce non-compliance and financial crime.
“The digitalisation of the financial industry has resulted in an avalanche of financial crime, and the numbers are only projected to grow,” CEO Tamkivi said.
“Our collaborative-crime fighting platform, Salv Bridge, is proven to be effective against money laundering, sanctions and fraud.”
So far, companies in the fintech’s network have stopped €6-7 million from going to criminal accounts.
So far, 21 European financial institutions have joined the network. As a whole, the network has helped solve almost 7000 cases.
It says that its success is due to the fact that it has direct lines of communication between institutions. This makes it possible to solve fraud cases “in minutes, not days.”
“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,” Tamkivi added.
The company plans to use the money to grow into new areas, like Poland, and to make its modular regtech technology even better.
The seed round was led by ffVC, and German G+D Ventures was also a part of it.
LHV Bank took part in Salv Bridge’s pilot, and it said that it saw “significantly” drops in authorized push payment fraud across the network in a short time.
“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,” LHV UK deputy CEO Andres Kitter said.
