United Ventures backs Milan-based Cleafy’s proactive cybersecurity solutions in €10M round

|

|

Last update:

Milan-based Cleafy, a tech firm that specialises in proactive fraud prevention for the digital banking sector, announced that it has secured €10M in funding led by United Ventures through its UV T-Growth fund.

Cleafy says the funds will enable it to expand into new markets and continue advancing its technological platform. This financial backing will also help Cleafy assist businesses in countering the growing threat of online fraud.

As a result of the funding round, Cleafy’s parent company and one of the initial investors, Moviri Group, will maintain a minority ownership interest while handing over control. Moviri’s instrumental backing has been crucial in enabling Cleafy’s expansion, entry into new markets, acquisition of vital early customers and validation of its technological prowess.

Growth in cybersecurity and fraud prevention

Cybersecurity, especially fraud prevention, is witnessing rapid growth and offering substantial opportunities. The global fraud detection and prevention market is surging at an impressive rate, boasting close to 25 per cent year-on-year growth. Experts project that this market will soar to a staggering $190.93B (€‎177.49B) by 2030.

Cleafy’s solution actively identifies and prevents online banking fraud in real time, guaranteeing a safe and uninterrupted online experience for users. Its platform currently protects more than 100 million digital customers from financial online fraud.

Among Cleafy’s clients are major global banking groups such as Findomestic by BNP Paribas group and ING Bank Romania, along with rapidly growing banks and fintech firms like Illimity Bank.

- A message from our partner -

Fabio Pirovano, partner at United Ventures, says, “At United Ventures, we are always on the lookout for innovative technologies that have the potential to make a significant impact. Cleafy’s real-time fraud prevention platform is a prime example of such a technology, and we have been impressed by the team’s expertise and commitment to building a safer digital world.”

“We believe that Cleafy’s technology has the potential to transform the way we approach online security and we look forward to working with the team to help them achieve their vision,” he adds.

About Cleafy

Established in 2014, Cleafy was founded by Matteo Bogana, Niccolò Pastore and Carmine Giangregorio.

Bogana has a PhD in computational physics from the Politecnico of Milan and experience as a director at the PoliHub Innovation Center for over a decade, while Pastore brings over a decade of expertise in cybersecurity, big data and distributed internet systems.  Giangregorio is a cybersecurity expert.

“Our goal is not simply to stop fraud; rather, we aim to anticipate attacks and proactively prevent fraud from occurring. To achieve this, we have developed a groundbreaking platform that pioneers the Cyber Fraud Kill Chain space,” says Bogana.

“By leveraging methodologies employed in information security to tackle cyber threats, we have established a holistic framework for combating cyber fraud. The exceptional results achieved by our customers showcase the effectiveness of our distinctive approach and technology,” he adds.

Cleafy operates in a fast-growing market driven by increasing cyber fraud. The growing adoption of digital financial products, the implementation of instant payment systems and customer expectations regarding security and speed have generated a need for seamless user experiences combined with robust, concealed security measures.

To confront this challenge, Cleafy offers a platform designed to monitor all digital channels, which include web applications, mobile applications and open banking interfaces. This enables clients to proactively safeguard against financial losses while delivering online experiences to their users.

Cleafy’s Threat Intelligence team has played a pivotal role in detecting advanced cyber threats that target global banking institutions in recent years. Their technical intelligence reports, known as Cleafy LABs reports, have gained recognition as a primary resource for fraud analysts and threat hunters worldwide.

Cleafy LABs also collaborates closely with CERTFin, the Italian Financial Computer Emergency Response Team, to produce periodic strategic reports that provide insights into the evolving threat landscape within the financial sector.

Topics:

Follow us:

Editorial team

The editorial team of Silicon Canals brings you technology news from the European startup ecosystem. 

Share to...