Cleafy raises €12M to expand financial fraud detection technology

Milan-based cybersecurity firm Cleafy has secured €12 million in Series B funding, bringing its total investment to €22 million. This capital infusion underscores the growing demand for advanced financial fraud detection solutions in Europe, a sector increasingly targeted by sophisticated cyber threats. The investment will fuel Cleafy's expansion and technological development in response to evolving fraud tactics. Cleafy's platform differentiates itself by analyzing the entire lifecycle of attacks, from their origin across digital channels and internal systems to their evolution and spread. Unlike traditional siloed systems that react to fraud after it occurs, Cleafy leverages real-time threat intelligence and data from web, mobile, and network sources to proactively identify malicious infrastructure and attacker behaviour. This predictive approach aims to prevent financial losses and reputational damage for financial institutions. The company's technology is particularly relevant given new European regulations like the Digital Operational Resilience Act (DORA) and NIS2, which mandate enhanced digital resilience within the financial sector. Cleafy's extended offering, Cleafy for Workforce, further addresses the growing threat of insider threats and compromised accounts, providing a comprehensive cybersecurity posture. This strategic growth is set to bolster European digital sovereignty in financial cybersecurity.