Financial Crime World

Title: Estonian Fintech Startup Salv Secures €4 Million to Combat Financial Crime Globally with Collaborative Network

Estonian Scale-Up Salv Raises €4 Million in Seed Extension Round

Salv, an Estonian RegTech scale-up, has announced the successful closure of a €4 million seed extension round, led by ffVC. The company was founded by former Wise and Skype employees, including Taavi Tamkivi as CEO, Jeff McClelland as COO, and Sergei Rumjantsev as CTO. Salv aims to help financial institutions fight financial crime more effectively by providing advanced tools to increase detection rates on a global scale (Gall, 2023).

The Mission: Combating Financial Crime on a Global Scale

With an estimated 1% of financial crime being detected worldwide, Salv is on a mission to change the game. Their collaborative crime-fighting network, Salv Bridge, is utilized by over 21 European financial institutions. These institutions have already prevented €6-7M from reaching criminal-controlled accounts by expediting the resolution of fraud cases (Salv, n.d.).

“Our collaborative-crime fighting platform has proven effective against money laundering, sanctions, and fraud […]. These funds will allow us to expand our functionality and reach within our modular AML toolset and enter new markets.” - Taavi Tamkivi, CEO and co-founder of Salv.

Proven Success: The Impressive Track Record

The digitalization of the financial industry has led to a surge in financial crime, and the numbers are only projected to grow. Salv’s networking platform, Salv Bridge, has proven to be an essential tool in the fight against financial crime. Some impressive statistics include:

  • 21 financial institutions in Europe have already joined Salv’s collaborative network
  • Collectively, these institutions have solved nearly 7,000 investigations

The success of Salv’s network has not gone unnoticed, and ffVC, a Berlin-based venture capital firm, played a significant role in the latest funding round. Mateusz Zawistowski, Managing Director of ffVC, shares his perspective:

“An essential factor for us was the network’s impressive track record […]. By pooling resources and expertise, we can help prevent significant losses and better protect the financial sector as a whole.”

Investing in Estonian Fintech: A Bright Future Ahead

The funding round included participation from Giesecke+Devrient Ventures and undisclosed existing investors. Salv’s previous backers include Fly Ventures, Passion Capital, Seedcamp, Superangel, United Angels VC, N26 founder Maximilian Tayenthal, former LexisNexis CEO Andrew Prozes, LHV founder Rain Lõhmus, former Estonia CIO Taavi Kotka, and former Skype Estonia CEO Sten Tamkivi (Crunchbase, 2023).

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