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London-based big data solution provider Salviol has raised €6.5m in a Series A funding round led by Orange Growth Capital.

Salviol will use the new funds to expand its European and international operations, and to drive sales of its FROPS product, an off-the-shelf, highly effective solution that automatically detects and prevents any form of fraud.

The investment will also allow Salviol to capitalise on the burgeoning fraud detection and prevention market, which according to MarketsandMarkets is expected to grow to $20.49bn by 2019.

Radboud Vlaar, founding partner at Orange Growth Capital, said: “Salviol addresses the massive, growing multi-billion dollar fraud problem, which is especially pervasive in the banking and insurance sectors.

“Companies must arm themselves with tools that help combat and prevent fraud from occurring in order to protect their bottom line.

“We invested in Salviol due to the company’s strong leadership team and cutting-edge, proven technology.

“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.”

Aleksandar Vidovic, CEO and founder of Salviol, added: “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.

“We look forward to this next chapter in Salviol’s history.”