Estonian regtech Salv raised €4M round from a group of investors

Estonian regtech collaborative crime-fighting platform Salv has raised €4M from the lead New York-based venture company ffVC, German Giesecke+Devrient Ventures, and a group of undisclosed existing investors. 

Salv was founded in Tallinn in 2018 by former Wise and Skype employees Taavi Tamkivi, Jeff McClelland, and Sergei Rumjantsev. Salv provides technology-powered solutions to help banks and money service providers detect financial crime. Salv's anti-money laundering platform Salv Bridge covers screening, monitoring, and risk assessment, optimizes internal processes, and leaves clear audit trails for regulators. It connects unrelated banks in a network to enable them to share financial data.

The funding will help the startup further develop its modular regtech technology and start expansion to the Polish market. 

Among previous investors of Salv are Estonian fund Superangel, former CIO for Estonia Taavi Kotka, former Skype executive Sten Tamkivi and other investors. 

Salv has cooperated with 21 financial institutions across Europe, and it has already conducted almost 7K investigations, helping to prevent fraud at a total amount of €6-€7M.