Salviol raises €6.5m for fraud prevention
London-based big data company wants to capitalise on an industry which is set to grow to $20.49bn by 2019
Big data solutions provider Salviol has closed a €6.5m Series A round led by Orange Growth Fund to drive its European and international operations.
Founded in 2009, London-based Salviol specialises in big data analytics that can automatically detect and prevent any form of fraud and works with government organisations, privately-owned companies and the financial services.
It intends to use the new funds to maximise on the growing fraud detection and prevention market which is set to reach $20.49bn by 2019.
Salviol founder and CEO, Aleksandar Vidovic, commented: “Orange Growth Capital’s support coupled with their investment expertise in financial services and technology companies will enable Salviol to continue our fast-paced international growth, and help us to help businesses put an end to fraud on their watch.
Radboud Vlaar, founding partner at Orange Growth Capital, believes that Salviol “addresses the massive, growing multi-billion dollar fraud problem”:
“Companies must arm themselves with tools that help combat and prevent fraud from occurring in order to protect their bottom line. Salviol’s FROPS technology is easy to implement, used by fraud case handlers, and is already having a significant impact in negating fraud and saving financial institutions tens of millions in resources and revenue.”