Tallinn-based regtech startup Salv has announced that it raised an additional €3.9 million in a new funding round, bringing a total of €12.1 million in obtained investments to fuel its UK expansion.
- Founded in 2018, Salv develops a real-time collaborative financial crime-fighting network, enabling tactical information sharing for organisations across sectors and national borders. In essence, the company gives compliance teams the tools to combat financial frauds more effectively.
- This investment brings Salv’s capital raised in 2023 to €7.9 million and total funding to €12.1 million.
“Currently, the UK market is experiencing a sharp increase in Authorised Push Payment (APP) fraud, orchestrated by criminals through social engineering tactics. In 2022, the UK lost over £1.2 billion to fraud, with APP fraud accounting for 40% of those losses. Salv Bridge, our collaborative investigations platform, has proven effective in preventing fraud, achieving up to 80% recovery in APP fraud cases. Upwards, onwards, and let’s beat financial crime in the UK!”
Salv representatives comment.
- Earlier this year, Salv raised €4 million in a previous seed round from ffVC, with participation from Giesecke+Devrient Ventures to fund the international expansion.
- The company will use the funding to fulfill its goal of fuelling Salv’s expansion in the UK.
