Estonian RegTech Startup Salv Secures €4 Million to Combat Financial Crime with Collaborative Network

Salv, an Estonian financial crime-fighting RegTech scale-up, announced it has raised €4 million in a seed extension round. This funding round was led by ffVC, with participation from Giesecke+Devrient Ventures and existing investors. With this round, Salv’s total funding now stands at €7.3 million.

About Salv

Founded by former Wise and Skype employees, Salv is a RegTech company on a mission to support financial institutions in detecting and preventing financial crime. The team behind Salv is led by Taavi Tamkivi as CEO, Jeff McClelland as COO, and Sergei Rumjantsev as CTO.

According to current estimates, approximately 99% of financial crimes go undetected worldwide. However, Salv’s collaborative crime-fighting network has already helped its financial company members prevent €6-7M from reaching criminal-controlled accounts. This network significantly strengthens the institutions’ abilities to protect their end-customers and maintain regulatory compliance by resolving fraud cases in minutes instead of days.

Expanding Services and International Presence

The new funding will enable Salv to expand its services and international presence, with a strong focus on Poland, where ffVC is headquartered. Mateusz Zawistowski, Managing Director of ffVC, spoke about Salv’s importance in the European market:

“Salv’s collaborative-crime fighting platform, Salv Bridge, is proven effective against money laundering, sanctions, and fraud. With 21 financial institutions already part of the network, collectively solving almost 7,000 investigations, Salv is protecting its clients and their end-customers from financial crime.”

Combatting Financial Crime with Collaboration

Taavi Tamkivi, Salv CEO and co-founder, acknowledged the role of digitalization in the surge of financial crime and the need for a collaborative effort to combat it:

“Our collaborative-crime fighting platform is a powerful tool in the fight against financial crime. These funds will enable us to add further functionality to our modular AML toolset and expand to new markets, allowing more companies to significantly improve their crime-fighting measures.”

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