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Digital banking fraud prevention firm Cleafy raises €10m

Digital banking fraud prevention firm Cleafy raises €10m

Cleafy, an Italian provider of fraud prevention technology for digital banking, has raised €10 million in funding led by United Ventures through the fund UV T-Growth.

As part of the investment, Cleafy's parent company, Movri group, will retain a minority stake while relinquishing control.

Founded in 2014, Cleafy's technology proactively detects and prevents online banking fraud in real-time.

The firm protects over 100 million users through deals with the likes of Findomestic by BNP Paribas, ING Bank Romania and illimity Bank.

The new money will be used for product development and expansion into new markets.

Fabio Pirovano, partner at United Ventures, says: "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."

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