Milan-based Cleafy, a tech firm that specialises in proactive fraud prevention for the digital banking sector, announced that it has secured €10M in funding led by United Ventures through its UV T-Growth fund.
Cleafy says the funds will enable it to expand into new markets and continue advancing its technological platform. This financial backing will also help Cleafy assist businesses in countering the growing threat of online fraud.
As a result of the funding round, Cleafy’s parent company and one of the initial investors, Moviri Group, will maintain a minority ownership interest while handing over control. Moviri’s instrumental backing has been crucial in enabling Cleafy’s expansion, entry into new markets, acquisition of vital early customers and validation of its technological prowess.
Growth in cybersecurity and fraud prevention
Cybersecurity, especially fraud prevention, is witnessing rapid growth and offering substantial opportunities. The global fraud detection and prevention market is surging at an impressive rate, boasting close to 25 per cent year-on-year growth. Experts project that this market will soar to a staggering $190.93B (€177.49B) by 2030.