Salv says it has doubled revenue in 2023 as banks seek to combat rising APP fraud.
In brief:
-Estonia-based Salv was founded by three former Wise execs in 2018, a RegTech scaleup helping banks fight APP fraud.
-Their raised a €3.9mn extension round, brings its total funding haul for the year to €12.1mn.
-The company says its revenues have doubled in 2023. Its clients include LHV Bank, Swedbank and SEB.
What does this mean?
“As the UK moves towards shared responsibility for APP fraud refunds, financial institutions must adapt,” Taavi Tamkivi, founder and CEO of Salv, said. “Our suite, particularly the inbound monitoring feature, is critical for detecting fraudulent activities and money mule accounts, thereby reducing the financial institution’s liability. This feature, along with tools like our Bridge platform, is tailored to meet the evolving regulatory demands, and the soon-to-launched AI-based no-code rule generator will enable financial institutions to swiftly adapt to new criminal behaviour,” he added.
