Salv said to raise $2m in its seed round

From: RegTech Analyst

Anti-money laundering (AML) platform Salv has reportedly raised $2m in its seed funding round.

Fly Ventures, a Berlin-based seed investor, led the round, according to a report from TechCrunch. Other contributions to the round came from Passion Capital and Seedcamp as well as a host of angel investors including N26 founder Maximilian Tayenthal and Estonia’s former chief information officer Taavi Kotka.

Salv, an Estonian RegTech platform, helps financial institutions better detect incidents of money laundering. It does this through a dashboard which supports transaction screening, offline monitoring, sanctions screening and risk-based approach and governance.

The startup claims it can lower AML burdens by ten-times.

Salv co-founder and CEO Taavi Tamkivi told TechCrunch, “We’re aiming to create a transformation similar to what’s happened in virus scanning,” he says. “10-15 years ago virus scanners on everyone’s PCs were an enormous hassle, consumed tons of resources and stopped you from getting work done.

“The same is true in financial institutions today. They’re using outdated, heavy software and processes to handle AML. But today, virus scanning still happens, but nobody’s worried about it. It happens in the background, with few resources. We’ll do the same in the AML world”.

Estonia’s financial regulator is currently under investigation from the European Banking Authority (EBA) for a breach of Union Law.

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