Cleafy Raises €12 Million in Latest Funding Round

Cleafy, a cybersecurity company based in Milan, Italy, has announced a €12 million funding round. This round was co-led by United Ventures and eCAPITAL. Cleafy specializes in integrating advanced fraud detection technologies into a single, real-time fraud management solution, primarily serving the banking sector.

Company Background and Leadership

Founded by Matteo Bogana, who serves as CEO, and Nicolò Pastore, Cleafy aims to transform how financial institutions approach fraud management. "While fraudsters weaponize AI to scale attacks at machine speed, European banks are fighting back with outdated, reactive tools," said Bogana. Cleafy's platform strives to preemptively identify and halt fraudulent activities by analyzing digital signals from various sources such as web, mobile, backend, and network environments.

Strategic Use of Funds

The recently secured funds will be allocated towards several key areas. Cleafy plans to enhance its predictive cybersecurity capabilities and broaden its threat analysis on a global scale. The company is also looking to expand its market presence across Europe and Latin America. This expansion aligns with increasing regulatory requirements like the Digital Operational Resilience Act (DORA) in Europe, which demands higher standards for digital resilience in the financial sector.

Expanding Market Presence

Cleafy currently services over 150 financial institutions, protecting more than 250 million end users. Its clients include notable names such as ING and Illimity Bank. The company has also introduced 'Cleafy for Workforce', extending its technology to detect insider threats and compromised corporate accounts.

Future Prospects

With a workforce of over 90 employees spread across offices in Milan, London, Barcelona, and Bogotá, Cleafy is poised to continue its growth trajectory. The company's proprietary technology, supported by over 85 international patents, remains a cornerstone of its strategy to combat increasingly sophisticated fraud attempts in the financial sector.