Based out of Tallinn, Salv is revolutionising the financial compliance sector with software that stops criminals in their tracks.
In the latest development, the company has raised $2 million (approx €1.8 million) in seed funding led by Fly Ventures, alongside Passion Capital and Seedcamp. Additionally, Angel investors, including Maximilian Tayenthal (founder of N26), Ott Kaukver (former Twilio CTO), and Taavi Kotka (former CIO for Estonia), also participated.
Crime-fighting software platform!
According to the United Nations Office on Drugs and Crime, somewhere between $1 trillion and $2 trillion is laundered annually. Founded in 2018, Salv has built a software platform that helps banks find and stop financial crime.
Makes banks ten times effective
As per the company claims its technology makes European banks more effective in combating money laundering. Salv CEO Taavi Tamkivi built the AML, fraud, and KYC teams at TransferWise and Skype. Co-founders COO Jeff McClelland and CTO Sergei Rumjantsev are also TransferWise veterans.
Tamkivi said:
We built Salv to make financial institutions smarter at detecting crime, without damaging the experience of real customers.
Focused on fighting crime!
The company is aiming to create a transformation similar to what happened in virus scanning. According to Tamkivi, the main difference between the startup’s AML software and other solution is its focus on fighting crime.
Estonian bank LHV!
On top of that, Tamkivi claims that the software is quick, user-friendly, and easily integrated into the existing IT environment. Notably, Estonian bank LHV is Salv’s first customer.
Tamkivi, added:
They offer a full suite of banking products across Estonia. They’re also active in London, in particular, supporting fintechs. We have another couple of customers in the Lithuanian fintech scene. One of those is DeVere e-Money.
Monthly subscription
Salv’s solution will be suitable for Tier 2 and 3 banks, also the regulated fintechs and challenger banks. Talking about the business model, Salv charges based on monthly subscription considering the number of customers on the bank or fintech platform.
Main image: Salv
Stay tuned to Silicon Canals for more European technology news.