Sergei Rumjantsev, Jeff McClelland and Taavi Tamkivi (L-R)/Salv
Regtech scale-up Salv raises €3.9m for UK market expansion
Founded by Wise and Skype alums, Salv says it has doubled revenue in 2023 as banks seek to combat rising APP fraud.
Salv, a regtech scaleup helping banks fight APP fraud, has raised a €3.9m extension round to take on the UK market.
The new cash - an extension of a €7.9m round earlier in 2023 - brings its total funding haul for the year to €12.1m.
Estonia-based Salv was founded by three former Wise execs in 2018; Taavi Tamkivi (CEO), Jeff McClelland (COO) and Sergei Rumjantsev (CTO).
It helps banks fight financial crime, especially in the growing Authorised Push Payment (APP) fraud problem which was up 22 per cent in the UK in the first half of 2023, according to data from UK Finance.
“As the UK moves towards shared responsibility for APP fraud refunds, financial institutions must adapt,” Taavi Tamkivi, founder and CEO of Salv, said.
“Our suite, particularly the inbound monitoring feature, is critical for detecting fraudulent activities and money mule accounts, thereby reducing the financial institution’s liability. This feature, along with tools like our Bridge platform, is tailored to meet the evolving regulatory demands, and the soon-to-launched AI-based no-code rule generator will enable financial institutions to swiftly adapt to new criminal behaviour,” he added.
The company says its revenues have doubled in 2023. Its clients include LHV Bank, Swedbank and SEB.