United Ventures Backs Cleafy with €10M for Secure Banking

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Cleafy, a digital banking fraud prevention specialist, secures €10M led by United Ventures’ UV T-Growth fund for expansion in a booming $190.93B fraud detection market.

The investment round will support Cleafy’s expansion into new markets and further development of its technology platform. The cybersecurity industry, particularly the fraud prevention segment, is experiencing rapid growth and presents significant opportunities. The global fraud detection and prevention market is growing to 25% yearly and is expected to reach $190.93 billion by 2030.

Cleafy’s innovative solution proactively detects and prevents online banking fraud in real time, ensuring a secure and seamless user experience for online customers. The company’s platform is widely recognized as a market leader, safeguarding over 100 million digital users against financial online fraud. Its client base includes major global banking groups like Findomestic by BNP Paribas group and ING Bank Romania, as well as fast-growing banks and fintech players like illimity Bank. Cleafy boasts a 100% client renewal rate, demonstrating the effectiveness of its platform.

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.

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.

Now, in collaboration with United Ventures, our focus is on scaling our operations and accelerating our growth to solidify our position in the market.

Matteo Bogana, CEO at Cleafy
Cleafy dashboard
Cleafy dashboard

Cleafy’s Threat Intelligence team has been pivotal in spotting advanced cyber-threats against global banks. Their technical intel reports, called Cleafy LABs, are now a global benchmark for fraud analysts and threat hunters. Plus, Cleafy LABs partners with CERTFin, the Italian Financial CERT, to create periodic strategic reports on financial sector threat trends.

As part of the transaction Moviri group, Cleafy’s parent company and one of the early-stage investors, will retain a minority stake while relinquishing control. Moviri’s support has been crucial in facilitating Cleafy’s growth, market entry, acquisition of key early customers, and validation of its technology.

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.

Fabio Pirovano, Partner at United Ventures

Seizing the global fraud detection and prevention market 

Cleafy operates in a rapidly growing market driven by the rise of sophisticated cyber fraud. Factors such as increased adoption of digital financial products, the introduction of instant payments, and high customer expectations for security and speed have created a demand for seamless user experiences with reliable invisible security. Cleafy addresses this challenge by providing a platform that monitors all digital channels, including web apps, mobile apps, and open banking. This allows clients to prevent financial losses while delivering excellent online experiences.

Cleafy RealTime
Cleafy RealTime

With the recent funding round, Cleafy is well-positioned to develop its innovative technology further and assist businesses in combating the escalating threat of online fraud. 

The company was founded in 2014 by Matteo Bogana, who holds a PhD in computational physics from the Politecnico of Milan and has over 10 years of experience as Director at PoliHub Innovation Center, Niccolò Pastore, with 10+ years of experience in cybersecurity, big data, and distributed systems on the internet, and Carmine Giangregorio, a cybersecurity expert.

We have long invested in AI-centered solutions to big enterprise problems, building companies that are focused on international markets from day one. AI will disrupt many mission-critical domains, including fraud prevention. Cleafy’s success proves our thesis.

This investment round shows that our acceleration and spin-off model works well with institutional investors, especially when we partner with funds of the caliber of United Ventures.

Paolo Bozzola, CEO at Moviri
Cleafy Founders
Cleafy Founders