Salv Raises $4.3 Million to Expand Financial Crime Compliance Solutions

Estonia-based Salv, a provider of financial crime compliance solutions, has raised 3.9 million euros ($4.29 million) in new funding to fuel its expansion in the United Kingdom.

With this investment, the firm has raised 7.9 million euros ($8.68 million) in 2023 and 12.1 million euros ($13.3 million) in total, Salv said in a Thursday (Dec. 14) post on LinkedIn.

“Currently, the U.K. market is experiencing a sharp increase in authorized push payment (APP) fraud,” Salv said in the post.

APP fraud accounted for 40% of the 1.2 billion pounds ($1.53 billion) lost to fraud in the U.K. in 2022, according to the post.

The country’s losses to APP fraud dipped 1% in the first half of 2023 but the volume of cases surged 22%, the post added, citing data from the banking and finance industry trade association UK Finance.

“Salv Bridge, our collaborative investigations platform, has proven effective in preventing fraud, achieving up to 80% recovery in APP fraud cases,” the company said in the post.

Salv Bridge is a cloud-based solution that enables financial institutions to exchange data on bad actors, collaborate and handle investigations more efficiently, according to the company’s website.

The solution includes secure messaging and suspicious entity sharing capabilities, the website said.

In addition to combating APP fraud, Salv Bridge is used for joint anti-money laundering (AML) investigations, screen alerts resolution, information exchange for Banking-as-a-Service (BaaS) collaboration with law enforcement, per the website.

Along with this solution, Salv also offers tools for politically exposed person (PEP) and sanction screening, transaction monitoring and customer risk scoring, according to the website.

Salv Bridge is designed to help financial institutions (FIs) meet the challenge of skyrocketing fraud risks by joining forces with other FIs, Taavi Tamkivi, CEO and co-founder of Salv, told PYMNTS in an interview posted in November 2022.

Tamkivi saw while serving as compliance lead at a global FinTech giant that FIs face challenges when it comes to sharing intelligence.

“There’s a lack of collaboration between the financial institutions who should support each other in the fight against crime,” Tamkivi told PYMNTS. “I couldn’t get into proper, operational crime-fighting communication with the banks and FinTechs around me.”