Fintech & Ecommerce

Salv Raises $4.3 Million

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).

Salv Raises $4.3 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.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.