Estonian regtech startup Salv raises €4M in a seed round
The Tallinn-based Salv which provides solutions to help banks and money service providers detect and mitigate financial crime has raised €4M in a seed round to further develop its products and international expansion. The investment was led by ffVC, with participation from Giesecke+Devrient Ventures, Tech.eu informs.
- Founded in 2018 by a trio of Wise alumni, Taavi Tamkivi, Jeff McClelland, and Sergei Rumjantsev, Salv develops a real-time collaborative crime-fighting platform that uses the collective power of its network to minimize non-compliance and financial crime. The GDPR-compliant platform enables investigations between financial institutions by opening a direct line of communication, to exchange and enrich data on potential threats.
- Salv has customers across 12 European countries and a team of over 50 crime fighters. The startup serves 21 financial institutions and has already solved 7000 investigations, helping to prevent €6 million to €7 million from falling into the wrong hands.
- The fresh round was led by the New York-based ff Venture Capital which focuses on investing in early-stage technology and technology-enabled companies across fintech, insurtech, applied AI, drones, and robotics. In January 2023, ff VC invested €500,000 in Łódź-based crypto tax startup Cryptiony. German Giesecke+Devrient Ventures and undisclosed existing investors also participated.
- The company plans to use the funds to support expansion to new areas, including Poland, and to further develop its modular regtech technology.