Salv, a regtech startup founded by a group of former Wise and Skype employees, has secured €4 million in an extension of its seed round, led by ffVC and supported by G+D Ventures.
Salv Bridge is a real-time collaborative crime-fighting platform that harnesses the collective strength of its network to reduce non-compliance and combat financial crime. The GDPR-compliant platform facilitates collaborative investigations among financial institutions by establishing a direct communication channel that allows for the exchange and enhancement of data regarding potential threats.
According to Salv, this approach enables network members to resolve fraud cases in minutes rather than days. To date, financial services companies on the network have successfully prevented between €6 million and €7 million from being transferred to accounts controlled by criminals.
Taavi Tamkivi, CEO of Salv, stated, “The funds will enable us to enhance the functionality of our modular AML toolset and expand into new markets, allowing more companies to significantly improve their crime-fighting capabilities and better protect their end customers.”