Salv, an Estonian-based provider of solutions to combat financial crimes, reported that it was able to raise financing for 3.9 million euros ($4.29 million).
The company intends to use the funds received to carry out activities to stimulate the expansion of its business in the United Kingdom. The relevant information is contained in a message posted on Salv’s official LinkedIn account.
The company notes that there is currently a sharp increase in fraud with authorized push payments (APP) in the British financial services market. The firm reports that last year in the United Kingdom, as a result of crimes of the specified type, residents suffered damage for 1.2 billion pounds ($1.53 billion). The company clarifies that 40% of the mentioned funds were stolen from the British through apps. In the first half of 2023, the volume of financial losses due to fraud committed on digital platforms decreased by 1% year-on-year.
The Salv platform called Bridge is designed to conduct fraud investigations. This digital product has proven its effectiveness in preventing relevant crimes. The platform has achieved a result of 80% recovery in APP fraud cases. The digital product allows financial institutions to share data on criminals, cooperate, and conduct investigations with a high level of efficiency.
Salv Bridge offers solutions such as secure messaging and sharing of suspicious objects.
The platform also provides tools for joint anti-money laundering investigations, screen alert resolution, and information exchange for Banking-as-a-Service (BaaS) collaboration with law enforcement.
As we have reported earlier, Banking Platform Kapital Raises $165 Million.