Lithuanian P2P firm Savy partners with Amlyze for AML solutions
Lithuanian peer-to-peer lending platform Savy has chosen Amlyze for its anti-money laundering and compliance solutions.
Savy’s platform will use the regtech company’s core modules, including customer risk assessment, retrospective transaction monitoring, case management, and international sanctions screening.
“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,” said Danatas Cerjazdanovas, chief executive of Savy’s parent company Bendras Finansavimas.
Savy has funded more than €80m (£69m) of loans since it was launched in 2014 and has paid out more than €12m in interest to investors.
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Amlyze said this is the second P2P lending platform that has chosen to use its compliance solution.
“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,” said Gabrielius Bilkstys, chief executive and founder of Amlyze.
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“We’re glad to support Savy in their approach towards reinforcing internal controls by leveraging Amlyze anti-financial crime solutions.”
In May this year, Amlyze closed a €1m pre-seed investment round led by Practica Capital, a venture capital firm in the Baltics, and FIRSTPICK, an accelerator and venture capital fund investing in technology companies across the region.
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