AMLYZE, a leading RegTech company specializing in anti-financial crime solutions for FinTechs, will serve Bendras finansavimas, the operator of the peer-to-peer lending and crowdfunding platform Savy, as the primary anti-money laundering prevention and compliance solutions provider.
Savy platform will use AMLYZE’s all core modules, including customer risk assessment, retrospective transaction monitoring, case management, and international sanctions screening.
The signed contract marks Savy’s commitment to the highest standards of compliance and financial crime prevention.
This is already the second peer-to-peer lending platform that has chosen AMLYZE compliance service modules.
“Money laundering and terrorist financing requirements are becoming relevant not only for financial institutions directly involved in payments but also for all those businesses whose activities are closely related to the flow of financial transactions. We’re glad to support Savy in their approach towards reinforcing internal controls by leveraging AMLYZE anti-financial crime solutions”, says Gabrielius Bilkštys, CEO and founder of AMLYZE.
In total, more than 80 million euros worth of loans have been financed through Savy since it was launched.
Savy is one of the first Lithuanian FinTech startups and the first peer-to-peer lending platform, founded in 2014. Since its inception, Savy has provided more than €80 million loans to people and businesses and paid out more than €12 million interest to investors.
“As the requirements for FinTech institutions to ensure the prevention of money laundering and the financing of terrorism become more stringent and the controls more rigorous, we decided to entrust this task to market experts when planning our international expansion,” notes Danatas Čerjazdanovas, the CEO of the company Bendras finansavimas.
AMLYZE is a Vilnius-based Software-as-a-Service (SaaS) RegTech offering a suite of anti-financial crime solutions for all types of financial services providers.
Comprehensive modules include real-time and retrospective transaction monitoring, customer risk assessment, AML/CFT investigations, screening of sanctions, PEPs and adverse media.
The company’s products have been developed by a team of AML experts and ex-regulators who have extensive experience in supervising financial market participants while working for central banks and law enforcement agencies. Being regulatory insiders and understanding the pain points of market participants from the inside has enabled the creation of cutting-edge technology solutions that streamline AML/CFT and compliance processes to unprecedented levels of efficiency.
In May this year, the company successfully closed a €1 million pre-seed investment round led by Practica Capital, one of the leading venture capital firms in the Baltics, and FIRSTPICK, an accelerator and venture capital fund investing in technology companies across the Baltics.
Savy is the first peer-to-peer lending platform in Lithuania, bringing together people who want to borrow and people who want to put money to work and earn a higher return. The platform is supervised by the Bank of Lithuania and its activities are guided by the rules of responsible lending.
Since its launch in 2014, more than €80 million loans have been financed through the platform and the amount of interest paid to investors is more than €12 million. The platform currently has more than 40,000 registered investors and over 200,000 registered borrowers.