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Each year, millions of people worldwide are deceived and deceived good lives due to money laundering unteashed. The negative impact of money laundering practices is significant – Between 2 and 5% World GDP, which is between 715 billion euros and € 1870, is bleached each year, and the precision of the problem shows that simple compliance is not enough. To tackle the most effective to the global problems of financial crime, we must go from our goal to count on the compliance with the capture of more criminals. But how can financial institutions become real money laundering fighters?
Salv, the Tallinn-based startup-based startup with an anti-white-white platform (AML), the crime control platform, has realized that the only way institutions can catch more criminals without the need to hire lots of new employees, is if they are able to share information between them instantly, safely and in accordance. After Salv introduced an AML Bridge pilot program in Estonia in October 2020 with the intention of proving the potential of the fight against collaborative crime in the banking sector and confirming that its technology for improving confidentiality allows the sharing of secure and secure data, on December 4, 2020, the startup collected 1.5 million euros in start -up financing to extend its program to other European countries.
How was Salv’s idea born and who is behind the company?
Having previously worked in the anti -fraud and engineering teams of Skype and Transferwise, the founders of Salv – Taavi Tamkivi, Jeff McClelland and Sergei Rumjantsev have first -hand experience with both fast -growing startups and LMA. All three were involved in the development of LMA, fraud and know your customer teams (KYC) at Transferwise and Skype. The co-founding team shares that the ideas they have acquired while working in well-known Estonian startups have brought them to the idea of creating SAL and currently helps them to develop their business and improve the quality of their product.
What makes the SLAV solution unique and what is the technology behind it?
The SALV platform is fully customizable and allows its users to create their own risk rules and define their risk settings. Using Know Your Customer (KYC) of customer risk identification and risk verification processes, the SALV solution is able to quickly calculate the risk scores of each customer and transaction. In addition, the tools provided by SALV are flexible and require no engineering power – they can adapt to the evolution of the environment of companies and regulations. The platform is also fully in line with the GDPR and all the data is protected by encryption.
What is Salv’s mission and what problems is it for its banking and fintech customers?
Salv’s objective is to create a transformation of the financial sector similar to what happened with the scanner of viruses about 15 years ago when virus scanners on each PC were considered a mystery and consumed a large number of resources. According to The CEO of Salv, the same goes for financial institutions today because they use obsolete software and processes to combat money laundering. The system used by the platform takes about a month to configure and allows its users to translate all new information from the criminal models they learn in coded automated rules that are used in the future to protect banks. Until now, among the startup customers, the Estonian Bank LHV, one of the largest players in the local financial market, which is also active in London, and certain companies in the Lithuanian Ecosystem of Fintech.
What is Salv’s business model?
The B2B platform has a monthly subscription, the price of which depends on the number of active users of a bank or fintech.
How much Salv has collected fundraising and who are the main investors?
The Estonian startup has raised more than 3.2 million euros in venture capital and seed funds such as those who run the last round-Fly Ventures, the capital of passion, the seed of seed, as well as providential investors, including the founder of N26, Maximilian Tayenthal, the co-founder Skype Toovo Annus, Rain Lohmus.
What are the biggest challenges that the Salv team has been confronted so far?
Working with the banking and financial sectors, which are often defined as a slow industry, the Salv team describes that they should be patient in their aspirations to disrupt the sector. The regtech industry, in which they are, is relatively new and they must bring examples of the past of how revolutionary technologies have changed the world during communication with potential customers.
What then comes for Salv?
The Salv team hopes to develop in Latvia, Lithuania and the United Kingdom and validate its AML Bridge program. The Estonian Ministry of Finance said that it was anxious to see the results of the pilot project and that they are open to cooperation for the development of new ways of preventing money laundering and the risks linked to the point.