Quantexa Ltd., a London-based startup that uses artificial intelligence to help financial institutions detect fraud and find sales opportunities, has raised a $64.7 million funding round led by Evolution Equity Partners.

The round, announced today, also saw “major participation” from existing investors according to the startup. Quantexa has raised $87 million to date.

The company provides an AI-infused software platform that helps financial services providers such as banks analyze the vast amounts of data they generate as part of their operations. The platform can aggregate records from different systems, then organize them into a so-called network graph that provides a single unified view. This network graph highlights links among people, organizations and data points such as addresses.

Quantexa’s customers in the financial sector use its platform to identify potential fraud. The startup uses artificial intelligence models to automatically flag indicators of suspicious activity and, for complex cases when a firm’s analysts need to take a closer look, provides a visual data exploration dashboard.

Another use case the startup targets is sales analytics. Besides catching fraudsters, Quantexa said, its platform’s ability to connect large numbers of disparate data points in a single view also lends itself to identifying deal opportunities. It helps customers identify new prospects, upselling opportunities and clients at risk of churn.

Quantexa is promising big benefits for users. According to the startup, one unnamed “tier 1” bank has used the platform to generate 200 million pounds in new revenue and reduce customer prospecting time by 90%. On the fraud detection front, Quantexa claims its technology can halve investigation times.

The startup has built up an installed base of several thousand users at more than 70 countries since launching in 2016. With the new $64.7 million in funding, Quantexa plans to expand more globally and extend its platform to additional market segments besides finance.

“We are seeing a huge demand for our platform to support multiple applications across our core markets in financial services and within new industry sectors,” said Quantexa Chief Executive Officer Vishal Marria. “This investment will accelerate our product innovation roadmap and enable us to invest further into Europe, North America and Asia Pacific regions, as well as expand into new locations.”

The investment is the latest in a series of major funding rounds for financial technology startups. Last week, free stock trading app Robinhood Markets Inc. raised a large extension to a Series F round it had announced in May this year amid strong demand from retail investors. 

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