Tallinn-based Salv has raised €4 million in a seed extension round. Founded by former Wise and Skype employees, Salv uses the collective power of its network to minimise non-compliance and financial crime, essentially using the power of the hive to give the good guys a leg up.
Salv’s new funding arrives via lead ffVC, with Giesecke+Devrient Ventures and undisclosed existing investors also participating. Previous backers of Salv include Fly Ventures, Passion Capital, Seedcamp, Superangel, United Angels VC, N26 founder Maximilian Tayenthal, former LexisNexis CEO Andrew Prozes, LHV founder Rain Lõhmus, former CIO for Estonia Taavi Kotka, former Skype Estonia CEO Sten Tamkivi and many others.
The capital is aimed at helping the regtech startup further develop its offer as well as press forward with international expansion plans, with a particular focus on Poland.
“The digitalisation of the financial industry has resulted in an avalanche of financial crime, and the numbers are only projected to grow,” explained Salv CEO and co-founder Taavi Tamkivi. “Our collaborative-crime fighting platform, Salv Bridge, 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.”
Lead Image: Jake Ferra