Salv, a regtech startup has raised 4 million euros as part of a seed round.

Source: Pixabay.com

The funding round was conducted by ffVC. G + D Ventures also took part.

The startup was founded by a group of former Wise and Skype employees. The firm has created Salt Bridge, which is a platform for combating crime in the financial sector. The startup uses the collective resources of its network to reduce the minimum indicators of non-compliance with financial security requirements and to suppress crimes aimed at stealing funds at the initial stage.

The platform, which fully complies with the GDPR requirements, provides financial institutions with joint investigations of violations of regulatory legal acts. The startup provides them with a direct communication line through which they can exchange data about potential threats. This format of collaboration allows you to stop fraudulent activity within a few minutes.

As of today, FS firms in the network have prevented the transfer of 6 to 7 million euros to accounts controlled by criminals.

Taavi Tamkivi, CEO of Salv, says that attracting new financial injections will expand the functionality of the modular set of anti-money laundering tools. He also noted that additional financing is an opportunity to enter new markets. Taavi Tamkivi is convinced that the development of a financial resource will lead to an improvement in the quality of services provided and will increase the degree of protection of startup clients from fraudulent interference.

The startup was founded in June 2018 in Estonia. The advantage of Salv is the use of modern software, which differs from competitors’ software by a higher level of efficiency and the availability of advanced technical solutions.

The startup charges a monthly subscription fee for the provision of services. The cost depends on the scale of the company’s activities and the number of customers.

As we have reported earlier, Payments Platform Sprinque Raises €6 Million.