Financial Crime World

Estonia’s Fight Against Financial Crime: Salv Secures €4 Million in Seed Extension Round

Combating Financial Crime Through Innovative Technology

In a bid to combat the growing threat of financial crime, Estonian RegTech scale-up Salv has raised €4 million in a seed extension round. The company leverages its network’s collective power to reduce non-compliance and financial crime, utilizing the hive’s strength to support those on the right side.

Mission to Reduce Financial Crime

With only 1% of financial crime being detected worldwide, Salv’s mission is to provide financial institutions with tools to fight financial crime more effectively. The company’s collaborative crime-fighting platform, Salv Bridge, has already proven effective against money laundering, sanctions and fraud, helping to prevent €6-7 million from reaching criminal-controlled accounts by resolving fraud cases significantly faster.

New Funding and Expansion Plans

Salv’s new funding arrives via lead investor ffVC, with Giesecke+Devrient Ventures and undisclosed existing investors also participating. The capital will support Salv in expanding its services and international presence, with a specific focus on Poland, where ffVC has its European headquarters.

  • Expanding Services: Salv plans to add further functionality to its modular AML toolset.
  • International Presence: The company aims to expand to new markets, helping more companies improve their crime-fighting measures and protect their end-customers.
  • Polish Expansion: Salv will focus on expanding its services in Poland, where ffVC has its European headquarters.

CEO’s Perspective

“The digitalisation of the financial industry has resulted in an avalanche of financial crime,” explains Salv CEO and co-founder Taavi Tamkivi. “Our platform 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.”

Collaborative Crime-Fighting Network

Salv’s collaborative crime-fighting network has already attracted 21 financial institutions in Europe, which have collectively solved almost 7,000 investigations. This marks a significant milestone in Estonia’s fight against financial crime.

  • Network Effect: Salv’s platform allows financial institutions to collaborate and share information to combat financial crime more effectively.
  • Investigation Solutions: The company’s network has helped solve almost 7,000 investigations, preventing €6-7 million from reaching criminal-controlled accounts.

ffVC’s Perspective

“An important element for us 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 €6-7 million from reaching criminals,” notes ffVC Managing Director Mateusz Zawistowski.

Estonia as a Fintech Hub

As Estonia continues to emerge as a hub for fintech innovation, investors and businesses looking to tap into its thriving market are advised to consider partnering with local experts. For those seeking guidance on doing business or investing in Estonia, e-Consulting services are available upon request.