Matteo Bogana, Nicolo Pastore, Carmine Giangregorio (L-R)/ Cleafy
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Cleafy raises €10m from Moneyfarm investor to battle fraud in neobanking
The cybersecurity industry is seeing rapid growth, particularly in the fraud prevention area, as demand for digital financial products booms.
Cleafy, a provider of fraud protection software for banks, has raised a €10m funding round to expand its footprint among digital banks.
The funding round, which is led by Moneyfarm-backer United Ventures, will be used for expansion into new markets.
The cybersecurity industry, Cleafy says, is seeing rapid growth, particularly in the fraud prevention area.
Moviri group, Cleafy's existing parent company and one of its early-stage investors, will being relinquish control of the company as part of the funding deal while retaining a minority stake in the company.
Milan-based Cleafy was co-founded in 2014 by Matteo Bogana, Niccolò Pastore and Carmine Giangregorio.
Its current client base includes global banking groups like Findomestic by BNP Paribas group, and ING Bank Romania, as well as neobanks and fintechs illimity Bank and others.
“Our goal is not simply to stop fraud; rather, we aim to anticipate attacks and proactively prevent fraud from occurring,” Cleafy’s CEO Matteo Bogana said.
