Estonian RegTech scale-up Salv has raised €4 million in a seed extension round. Founded by former Wise and Skype employees and led by Taavi Tamkivi (CEO), Jeff McClelland (COO), and Sergei Rumjantsev (CTO).
Salv leverages its network’s collective power to reduce non-compliance and financial crime, utilising the hive’s strength to support those on the right side. With only 1% of financial crime being detected right now around the world, Salv’s mission is to give financial institutions tools to fight financial crime more effectively.
The financial companies within Salv’s collaborative crime fighting network have already prevented 6-7M€ from reaching criminal-controlled accounts by resolving fraud cases significantly faster, in minutes instead of days, reports the company.
Salv’s new funding arrives via lead ffVC, with Giesecke+Devrient Ventures and undisclosed existing investors also participating. Previous backers of Salv include Fly Ventures, Passion Capital, Seedcamp, Superangel, United Angels VC, N26 founder Maximilian Tayenthal, former LexisNexis CEO Andrew Prozes, LHV founder Rain Lõhmus, former CIO for Estonia Taavi Kotka, former Skype Estonia CEO Sten Tamkivi and many others.
The capital will support Salv in expanding its services and international presence, with a specific focus on Poland, where ffVC European HQ is located. In the company has raised €7.3M.
“The digitalisation of the financial industry has resulted in an avalanche of financial crime, and the numbers are only projected to grow,” explaines Salv CEO and co-founder Taavi Tamkivi. “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.”
“For us, an important element was that 21 financial institutions in Europe have already joined the collaborative crime-fighting network and collectively solved almost 7,000 investigations, helping to prevent €6-7M from reaching criminals,” says Mateusz Zawistowski, Managing Director of ffVC.
Do you wish to do business or invest in Estonia? Just send us a request for e-Consulting, and one of our investment advisors will get in touch shortly.