Salv, the regtech startup founded by former Wise and Skype employees, closes a €4m 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 modular regtech technology and support geographical expansion to new territories, including Poland.
Salv’s collaborative crime-fighting technology
Salv’s offering entails all the necessary AML functionality for 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.
The world’s first fully GDPR-compliant platform, Salv Bridge, enables collaborative investigations between financial institutions by opening a direct line of communication – allowing them to exchange and enrich data on potential threats. This helps network members solve fraud cases in minutes, not days. By utilising this collective intelligence from financial institutions within the Bridge network, Salv’s tools can adapt to evolving threats.
Taavi Tamkivi
Taavi Tamkivi, CEO and co-founder of Salv, commented on the new market entry:
“The digitalisation of the financial industry has resulted in an avalanche of financial crime, and the numbers are only projected to grow. 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.”
Why collaboration is needed to effectively fight financial crime:
Taking advantage of the explosive growth of the financial technology industry, financial crime – especially fraud – has recently seen a meteoric rise. The low-risk, high-profit nature and the low probability of prosecution due to the complexity of cross-border investigations make fraud an attractive activity for international organised crime groups, who benefit from differences in national legislation.
Criminals are successful because they have large, efficient international networks for sharing information, whilst financial institutions lack the means to securely and effectively exchange information on suspicious activity. Operating in silos, they try to solve problems individually, often losing precious time, which is crucial for a successful fraud recall.
Featured image: (L-R) Sergei Rumjantsev (CTO), Jeff McClelland (COO), Taavi Tamkivi (CEO), photo by Jake Farra
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