Estonian regtech collaborative crime-fighting platform Salv raised €3,9M

 

Estonian regtech collaborative crime-fighting platform Salv raised €3,9M from existing investors, London-based Passion Capital, German VC Giesecke+Devrient Ventures, and New York-based ffVC. Also, undisclosed new investors participated in this deal.

Founded in Tallinn in 2019 by former Skype and Wise employees Taavi Tamkivi, Jeff McClelland, and Sergei Rumjantsev, Salv offers tools for banks and money service providers to detect, prevent, and stop fraud, money laundering, and terrorist financing.

Salv's anti-money laundering platform Bridge offers screening, monitoring, and risk assessment, optimizes internal processes, and leaves clear audit trails for regulators. The platform allows to connect unrelated banks in a network to enable them to share financial data. According to the company, in Estonia, the Bridge network contributes to the prevention of 50% of fraud cases and helps to recover stolen funds of authorized pushed payments (APP) fraud victims more often (recovery rate is 80%).

Salv has cooperated with 53 financial institutions, including Estonian LHV Bank, Swedish Swedbank, and SEB. Salv has already conducted almost 7K investigations, helping to prevent fraud at a total amount of €6-€7M.

Salv will use the investment to launch its operations in the UK. In addition, the startup plans to hire 10-15 new employees next year. 

Among previous Baltic investors of Salv are Estonian fund Superangel, former CIO for Estonia Taavi Kotka, former Skype executive Sten Tamkivi, and other investors. This year, the startup has already raised €4M from the lead New York-based venture company ffVC, German Giesecke+Devrient Ventures, and a group of undisclosed existing investors.