Cleafy, a Milan-based provider of Fraud Extended Detection and Response (FXDR) platforms, has raised €12M ($13.75M) in Series B funding co-led by United Ventures and eCAPITAL. The platform unifies cybersecurity and fraud management to detect attacker behavior during digital banking sessions across web, mobile, and API channels. The capital will accelerate predictive capabilities, global threat analysis, and expansion into Europe and Latin America.
AI Threats Fuel Banking Security Raise
The round brings Cleafy's total funding to €22M and follows its €10M raise from United Ventures in 2023. It arrives amid EU regulations like DORA effective January 2025, which mandate ICT resilience and advanced fraud management for financial institutions. Cleafy's full-session visibility addresses gaps in siloed tools, protecting 250M+ users at 150+ institutions including ING and BPS Suisse.
Reactive Tools Fail Against AI Fraud
Digital payment fraud rose 43% in 2024 according to Tietoevry. Traditional systems rely on post-transaction monitoring, leaving banks vulnerable to AI-powered attacks like deepfakes and mobile malware such as Albiorix RAT discovered by Cleafy LABS. These threats target sessions before money moves, with 75% of EMEA banking fraud now on mobile per BioCatch trends.
FXDR Reconstructs Full Attack Chains
Cleafy reconstructs attacks in real-time using white-box AI models, device telemetry, passive biometrics, and UEBA to predict fraud up to 15 days ahead. Unlike device-focused tools like BioCatch's DeviceIQ launched in March 2024, Cleafy's Copilot AI agent provides proactive defense without user disruption. Customers see 83% of advanced attacks blocked pre-execution, 97% drop in false alerts, and 71% less investigation time.
As Matteo Bogana, CEO noted:
“While fraudsters weaponize AI to scale attacks at machine speed, European banks are fighting back with outdated, reactive tools.”
The platform integrates with existing scoring engines, delivering ROI in six months for a top 20 European bank.
European VCs Double Down on Cleafy
United Ventures, which led Cleafy's prior round, and eCAPITAL co-led this investment, signaling conviction in cyber-fraud fusion for banking. Both firms back cybersecurity deep tech, with shared portfolio company Exein raising over €100M in IoT security. Their expertise via partners like cybersecurity professor Thorsten Holz validates Cleafy's 85+ patents and zero customer churn over a decade.
Fraud Market Scales to $90B by 2030
The global fraud detection market stands at $33.13B in 2024, projected to reach $90.07B by 2030 at 18.7% CAGR per Grand View Research. Cleafy serves 9 of 10 top Italian banks and 5 of 20 top EU banks, with recent expansions to Switzerland via BPS Suisse and Turkey via DVA partnership. Competitors like Sift, SEON, and Feedzai focus on transaction or identity layers, while Cleafy emphasizes pre-transaction session reconstruction.
Polytechnic Alumni Drive Technical Edge
Cleafy's founders—CEO Matteo Bogana (PhD Computational Physics), CTO Nicolò Pastore (network security expert), and Head of R&D Carmine Giangregorio—all hail from Politecnico di Milano. This technical foundation powers 79+ patents and discoveries of malwares like SharkBot and Klopatra. Recent hires include sales directors from BioCatch and RSA, positioning for international scale.
DORA Spurs LatAm and Workforce Push
Post-funding, Cleafy launches Cleafy for Workforce against insider threats and eyes growth in Latin America alongside Europe. Partnerships with HYPE neobank and Gruppo BCC Iccrea, which saved €0.5M monthly, underscore traction. The SPARK Matrix named Cleafy a 2025 Leader in Enterprise Fraud Management, up from Emerging status.