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December 18, 2023

Salv Secures €3.9 Million Funding to Combat Financial Crime Surge in the UK

The once-familiar landscape of banking and finance has undergone a radical transformation, thanks to the technology

In the ever-evolving landscape of finance, technology has ushered in unparalleled convenience, with instant transfers and global accessibility. However, this digital age also presents a formidable challenge – a surge in financial crimes. In London alone, money laundering skyrocketed from £10 billion in 2007 to a staggering £90 billion in 2020, with an estimated annual cost of over £100 billion to the UK. The impact on individuals and small businesses is especially severe. As the financial threat grows, Estonia-based RegTech firm Salv has announced a €3.9 million funding boost to fortify its mission against financial crime.

Salv, at the forefront of combating financial crime, has raised a total of €7.9 million this year, bringing its overall funding to €12.1 million. With contributions from existing investors Passion Capital, G+D Ventures, and ff Venture Capital, along with undisclosed new investors, this funding is a strategic move towards doubling Salv's revenue in 2023 compared to the previous year.

The investment is poised to propel Salv's expansion in the UK, a region grappling with a surge in Authorised Push Payment (APP) fraud cases. Despite marginal reductions in losses, APP fraud increased by 22% in 2023, constituting 40% of the UK's total fraud losses in 2022. Salv aims to empower financial institutions to combat this surge with its suite of tools designed to identify, prevent, and halt fraud, money laundering, and terrorist financing activities.

Currently employed by 53 financial institutions across 12 countries, including LHV Bank, Swedbank, and SEB, Salv offers solutions ranging from customer screening to real-time transaction monitoring and risk scoring. Positioned as a strategic partner in the face of regulatory changes, Salv is ready to assist financial institutions as the UK's Payment Systems Regulator plans to introduce mandatory reimbursement for APP fraud victims.

As Salv gears up to navigate the evolving landscape of financial crime, its €3.9 million funding injection marks a pivotal moment. This RegTech powerhouse is not just combating financial crime; it's leading the charge against a rising tide of challenges. With an impending AI-based no-code rule generator set to launch in Q2 next year, Salv is poised to empower financial institutions in adapting swiftly to new criminal behaviors. The future of financial security is being reshaped, and Salv is at the forefront, ensuring a resilient defense against the complexities of financial crime.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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