Salviol, a big data solution provider that optimize businesses through the detection, prevention and management of fraud, today announced the company has raised €6.5 million euros in Series A funding led by Orange Growth Capital.
Salviol will leverage 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. FROPS is unique in that it delivers access to key fraud indicators at significantly deeper levels than other technologies, and enables customers to drastically shorten investigation cycles. Salviol is empowering businesses with comprehensive data and a rapid, reactive, and effective fraud prevention solution. The Series A investment will also allow Salviol to capitalize on the burgeoning Fraud Detection and Prevention market, which according to MarketsandMarkets is expected to grow to $20.49 billion by 2019.
“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,” said Radboud Vlaar, Founding Partner at Orange Growth Capital.
How it Works
Backed by a one-year ROI guarantee, FROPS is an off-the-shelf, supportable solution that acts as a comprehensive package working with individualized security modules, and is quick to configure. Covering both structured and unstructured data, internal and external information, FROPS ensures maximum detection accuracy for the key indicators of fraud. An early warning system measures and minimizes risk and loss, while also detecting financial weakness and client’s vulnerabilities. FROPS easily sweeps through entire networks and operations with a revenue assurance module that measures processes, and searches for deviation. Additionally, risk and compliance solutions map event data to audit criteria, streamlining required resources in order to stay ahead of reporting and audit demands for mandates such as Data Retention, Data Privacy Act, PCI Sarbanes-Oxley, ISO 27000, and DSS. FROPS 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, and more.
Salviol’s growth and expansion comes at a pivotal time; the 2014 ACFE’s Report to the Nations on Occupational Fraud and Abuse shows pervasive fraud is increasing globally and the median time for fraud detection is 18 months. The survey estimated that the typical organization loses five percent of revenues each year to fraud, which if applied to the 2013 estimated Gross World Product translates to a potential projected global fraud loss of nearly $3.7 trillion dollars.
“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,” said Aleksandar Vidovic, CEO and founder of Salviol. “We look forward to this next chapter in Salviol’s history.”