Salv gets EUR 1,5M to expand AML Bridge pilot to several European countries

Salv has raised EUR 1,5M to expand its pilot program AML Bridge, currently rolled out in Estonia, to other European countries.

The pilot comes in cooperation with four large Estonian banks such as LHV, Luminor, SEB Estonia, and Swedbank Estonia, and Estonian Financial Supervisory Authority, Financial Intelligence Unit and Data Protection Inspectorate.

Superangel led the round with support from existing investors including Skype co-founder Toivo Annus who joined posthumously. Superangel managing partner Rain Rannu considers Salv's technology very likely to scale in the European banking industry, according to the official press release.

The AML Bridge pilot was introduced in Estonia in October 2020, aiming to:

• to prove that collaborative crime-fighting in the banking industry is the best way to fight money laundering;
• to confirm that the Privacy Enhancing Technology (PET) enables safe, secure data sharing within the bounds of regulatory and data privacy laws in the EU.

If the pilot proves successful, it should set a new AML standard for financial institutions across Europe to follow in Estonia’s footsteps.

Salv has raised more than EUR 3,2M in venture capital investments. The investors include Fly Ventures, Passion Capital, Seedcamp, Superangel, N26 founder Maximilian Tayenthal, Skype co-founder Toivo Annus, LHV founder Rain Lõhmus, former CIO for Estonia Taavi Kotka, former Skype Estonia CEO Sten Tamkivi, former Twilio CTO Ott Kaukver, former LexisNexis CEO Andrew Prozes and many others.