Salviol, a London, UK-based big data solution provider that optimizes businesses through the detection, prevention and management of fraud, raised €6.5m in Series A funding.
The round was led by Orange Growth Capital.
The company intends to use the funds to expand its European and international operations, and to drive sales of its FROPS product.
Founded in 2009 and led by Aleksandar Vidovic, CEO, Salviol provides FROPS, a solution that automatically detects and prevents any form of fraud covering both structured and unstructured data.
The product is optimized for use in the banking, insurance, reinsurance, health, pharmacy, law enforcement, and government sectors. It is particularly effective within the banking industry, however, where it can be used to detect and prevent electronic transaction fraud, anti-money laundering, fraudulent loan disbursements, skimming, cyber fraud, trading fraud, etc..