Salv, which has built collaborative crime-fighting technology, has raised €4m for its seed round extension.
The capital injection was led by ffVC, with commitments also coming from G+D Ventures and existing investors also participating.
With the capital, the company plans to further the development of its modular technology and expand into new territories, including Poland.
Its platform includes all the necessary AML functions, including automatically identifying and prioritising suspicious activity and processing vast amounts of data in real-time. One of its solutions, Salv Bridge, is a collaborative crime-fighting platform that uses the collective power of its network to minimise non-compliance and financial crime.
Through the technology, financial institutions can collaborate on investigations through a direct line of communication. With this, they can exchange and enrich data on potential threats, accelerating the time to solve fraud cases.
Salv CEO and co-founder Taavi Tamkivi said, “The digitalisation of the financial industry has resulted in an avalanche of financial crime, and the numbers are only projected to grow. 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.”
Salv believes collaboration is effective for fighting financial crimes as it makes financial institutions more efficient with investigations.
It stated that the low-risk, high-profit nature and low probability of prosecution due to the complexity of cross-border investigations make fraud an attractive activity for international organised crime groups. The difference in national legislation also helps with their illicit activity.
Salv explained that criminals are successful because they have efficient international networks for sharing information. On the other side, financial institutions operate in silos and try to solve problems by themselves.
The collaborative crime-fighting technology developer formed a number of partnerships last year. Most recently, it teamed up with Single.Earth, a GreenTech firm providing the world’s first nature-backed currency.
Through the deal, Salv will screen persons against different sanctions, Politically Exposed Persons, and adverse media lists to uncover high-risk customers.
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